3 June 2014 Alternative Risk Transfer

BNY Mellon wins Everest Re CAT transaction

BNY Mellon has been appointed indenture trustee, reinsurance trustee, registrar and paying agent for the $450 million Kilimanjaro catastrophe (CAT) bond transaction sponsored by Everest Re.

The Bermuda-based special purpose reinsurer Kilimanjaro Re will provide Everest Re with a four-year source of fully collateralised retrocessional reinsurance protection through the issuance of two tranches of CAT bond notes.

"So far this year, we've seen a substantial increase in the issuance of CAT bonds and insurance-linked securities. Given our deep experience in administering CAT bonds, we are well positioned to support issuers and sponsors like Everest Re as the market continues to expand," said Alex Tsarnas, head of US corporate and insurance market segments at BNY Mellon Corporate Trust.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk