Kilimanjaro Re Ltd. Series 2014-2

The settlement and completion of the $500m Kilimanjaro Re Ltd. (Series 2014-2) catastrophe bond today takes 2014 issuance of new cat bonds and insurance securitisations to $7.143 billion, keeping the market on track for a possible record year.

Everest Re’s latest catastrophe bond, the now $500m Kilimanjaro Re Ltd. (Series 2014-2), has been priced with the coupon settling at the mid-point. The cat bond notes have also received their rating and a little more detail on the transaction has emerged as a result.

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.