Everest Re
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure. -
Sources said that the carrier has held preliminary talks with private debt investors.
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Reinsurers are confident on cat rates and ready to deploy ILS capital.
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In Q2 last year, Everest ceded $26mn in losses to Mt Logan.
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The bond is split across a Series 1 and Series 2 structure, with eight notes in total.
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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.
