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.
Kilimanjaro Re, a Bermuda-based special purpose reinsurer, will provide Everest Re with a four-year source of fully collateralized 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,” says Alex Tsarnas, head of U.S. corporate and insurance market segments at BNY Mellon Corporate Trust.
BNY Mellon Wins Mandate for CAT Bond Issuance
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.