Everest Re Group Ltd. is now aiming to secure $500 million to $800 million of retrocessional reinsurance protection from its Kilimanjaro Re III Re Ltd. series 2019-1 and 2019-2 transactions, Artemis reported.

The catastrophe bonds will provide the company protection against certain losses caused by named storms and earthquakes in the U.S., Puerto Rico, U.S. Virgin Islands, District of Columbia and Canada on an industry loss trigger basis.

The company initially targeted coverage of $375 million or more across four tranches of notes, series 2019-1 class A-1 and class B-1 and series 2019-2 class A-2 and class B-2. The company is now targeting $175 million to $300 million of protection across the A-1 and A-2 tranches, and $325 million and $500 million across the B-1 and B-2 tranches, according to the report.

Everest Re also revised the pricing guidance to 15.75% to 16% from the 15% to 16% range for the A-2 and A-2 tranches and to 9.5% to 9.75% from the 8.75% to 9.75% range for the B-1 and B-2 tranches.

The catastrophe bond notes are expected to be issued Dec. 12, according to the report.