Everest Re
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The bond is split across a Series 1 and Series 2 structure, with eight notes in total. -
Everest Re increased the targeted size of Kilimanjaro Re across all four classes of notes.
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Pricing on all classes of notes are being offered at the bottom of the guided range.
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Everest Re has structured its deal into two sections targeting aggregate and per occurrence cover.
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Premiums ceded to the ILS vehicle increased by 76% to $433mn.
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Programs did not offer adequate risk-adjusted return.
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The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.
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CEO Jim Williamson said social inflation was a “growing barrier” to a vibrant economy.
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The (re)insurer recorded a reserve charge of nearly $1.3bn within its casualty insurance book.
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He was appointed acting CEO earlier this month, after Andrade’s departure.
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He succeeds Wayne Peacock, who retires this year after four years of service.
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Andrade is taking up a CEO role at another “prominent financial services firm”, Everest said.
