December 9, 2015
Willkie represents Aon Securities as sole structuring agent and bookrunner in Kilimanjaro Re’s $625 million debt offering.
The firm advised Aon Securities, as sole structuring agent and bookrunner, in connection with Everest Re’s 144A offering, through its Bermuda domiciled special purpose insurer, Kilimanjaro Re Ltd., of $625 million aggregate principal amount of principal at-risk notes. The notes will provide per-occurrence reinsurance protection to Everest Re and use a location-weighted industry loss trigger, based on data reported by Property Claim Services (PCS). The notes have a four-year term and provide retrocessional reinsurance protection against losses from U.S. named storm and earthquake risks across the covered area of all U.S. states, Canada, the District of Columbia and Puerto Rico. This is the third cat bond issuance by Kilimanjaro Re.
Aon Securities provides insurance and reinsurance clients with a full suite of insurance-linked securities products, including catastrophe bonds, contingent capital, sidecars, collateralized reinsurance, industry loss warranties, and derivative products.
The note offering was handled by partners Michael Groll and John Schwolsky and associate Jennifer Tait. Partner Arthur Lynch assisted with U.S. tax matters.
