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Report: Everest Re to sponsor $375M catastrophe bond

Everest Re Group Ltd. is looking to secure at least $375 million of retrocessional reinsurance protection through its Kilimanjaro III Re Ltd. series 2019-1 and 2019-2 catastrophe bond transactions, Artemis reported.

The transactions will feature two tranches of notes each, series 2019-1 class A-1 and class B-1 and series 2019-2 class A-2 and class B-2. The series 2019-1 notes will provide catastrophe reinsurance protection across a four-year term, while the series 2019-2 notes will provide coverage across a five-year term, according to the report.

The notes will protect Everest Re 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 is reportedly seeking at least $125 million of reinsurance coverage on a per-occurrence basis through the class A-1 and class A-2 notes and at least $250 million of annual aggregate coverage through the class B-1 and class B-2 notes. The price guidance is 15% to 16% for the class A-1 and class A-2 notes and 8.75% to 9.75% for the class B-1 and class B-2 notes.

The series 2019-1 and 2019-2 notes are expected to be issued in mid-December, according to the report.