Everest Re appoints BNY Mellon 02 June 2014New York Reporter: Stephen Durham
Image: Shutterstock
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 is a 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.
Alex Tsarnas, head of US corporate and insurance market segments at BNY Mellon Corporate Trust, said: "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.”
As of 31 March 2014, BNY Mellon Corporate Trust served as trustee and/or paying agent on more than 65,000 debt-related issues globally. Its clients include governments and their agencies, multinational corporations, financial institutions and other entities that access the global debt capital markets.
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: Shutterstock 