Everest Re to close $650mn Kilimanjaro Re deals at tight end of pricing
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Everest Re to close $650mn Kilimanjaro Re deals at tight end of pricing

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Everest Re is set to close its newest Kilimanjaro Re cat bonds at $650mn, as pricing dropped to the lowest end of its target spread, with insurance coupons tumbling by 9%-17% during the marketing process.

The insurer had hoped to raise $400mn from the transaction but quickly lifted this to $650mn. It will, however, still fail to match the $950mn of expiring risk it had from a prior 2017 cat bond.

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