Bermuda based reinsurance firm Everest Re has exceeded its capital raising target for its Mt. Logan Re fully-collateralized reinsurance sidecar, reaching $370m in capacity, $314.5m of which is from third-party investors.
Everest Re had targeted raising $250m of third-party capital by the end of 2013, having seeded the Mt. Logan Re sidecar with $50m when it launched a year ago. Now, as of the 1st January 2014 the total capacity of Mt. Logan Re has reached $370m, with 85% provided by third-party investors, showing that Everest Re exceeded even its own expectations for raising funds.
The $370m of collateralized reinsurance capacity within the Mt. Logan Re sidecar has been fully deployed, according to Everest Re. Mt. Logan Re targets the worldwide property catastrophe reinsurance market, so Everest Re has done a good job of raising a lot of funds and also getting it deployed in a very competitive reinsurance renewals market.
Mr. Dominic Addesso, Chief Executive Officer and President, commented; “Everest’s value proposition, with its leading market position, global diversified platform, long term relationships and strong ratings attracted investors to Mt. Logan Re as they sought to participate in the catastrophe reinsurance market.”
Mr. Rick Pagnani, Chief Executive Officer of Mt. Logan Re, added; “The positive response from our investors has exceeded our expectations and serves to validate the strength of our platform, value proposition, and the importance of our relationship with our sponsor Everest Re.”
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