Kilimanjaro Re Limited

The Kilimanjaro Re Ltd. (Series 2014-2) catastrophe bond, launched recently for Bermuda reinsurance firm Everest Re, reflecting strong investor demand for the ILS asset class is set to increase in size by 43% to secure the reinsurer $500m of protection.

Bermuda headquartered reinsurance company Everest Re is returning to the catastrophe bond market with its second issuance this year, with the launch to investors of Kilimanjaro Re Ltd. (Series 2014-2) a $350m U.S. and Canada earthquake cat bond.

Global reinsurance firm Everest Re’s Mt. Logan Re collateralized reinsurance sidecar and the use of instruments such as catastrophe bonds and ILW’s are helping the reinsurer to reduce its cost-of-capital and position itself for growth and profitability.

Reinsurance firm Everest Re’s first catastrophe bond issue, the now $450m after upsizing Kilimanjaro Re Ltd. (Series 2014-1), has priced at the lowest end of a reduced price guidance range, Artemis understands.

Preliminary ratings have now been assigned to the first catastrophe bond from new sponsor Everest Reinsurance Company, Kilimanjaro Re Ltd. (Series 2014-1), which grew to $450m as investor demand helped the reinsurer increase the cover the cat bond will provide.

The first catastrophe bond from new sponsor Everest Reinsurance Company, Kilimanjaro Re Ltd. (Series 2014-1), has increased in size by 80% to $450m and pricing guidance has dropped due to strong investor demand.

Another first time catastrophe bond sponsor is coming to market, this time in the shape of Everest Reinsurance Company, with Kilimanjaro Re Ltd. (Series 2014-1), seeking retrocessional protection for U.S. named storms and earthquakes.