Everest Re’s collateralized sidecar Mt. Logan Re adds Brining as non-exec

by Artemis on January 28, 2015

Mt. Logan Re Ltd., the collateralized reinsurance sidecar operations of Bermuda-based global reinsurance firm Everest Re, has appointed experience reinsurance professional Dave Brining as Non-Executive Independent Director.

Brining was most recently Executive Vice President of Max Capital Group, Ltd. and a Director of Max Bermuda, Ltd., where he was a founder, assisted with capital raising initiatives and the firms listing on the NASDAQ. Brining was also responsible for the Property & Casualty underwriting operations of the company.

Rick Pagnani, President and Chief Executive Officer of Mt. Logan Re, commented on the appointment; “We are very pleased to have Dave join the Mt Logan Board of Directors. Dave brings a wealth of knowledge and experience across both finance and underwriting in the reinsurance industry. Dave is a welcome addition and his skillset will complement our current Board.”

In total, Brining has more than 30 years of reinsurance and financial experience, including holding a number of senior positions in both management and underwriting at a range of companies before Max Capital.

From 1988 to 1999, Brining worked for Scandinavian Reinsurance Ltd., a company which he co-founded and held the position of Chief Financial Officer between 1988 and 1994, and Executive Vice President, from 1994 and 1999.

Prior to that he was Vice President and Controller at GTE Reinsurance Company, Ltd. from 1984 and 1988.

Mt. Logan Re, a Bermuda domiciled special purpose insurance vehicle, is reinsurer Everest Re’s sidecar, through which it shares a portion of its underwriting business risks and returns with institutional investors. At the last count, in late October 2014, Mt. Logan Re had approximately $480m of assets under management and deployed.

Mt. Logan Re is becoming an increasingly important piece of the Everest Re reinsurance capital model, as a key part of its growing use of catastrophe bonds and alternative capital. Further strengthening the sidecars board with experienced industry professionals will assist with capital raising activities for Mt. Logan Re, for which Brining is perfectly suited.

Mt. Logan Re remains the largest reinsurance sidecar in the marketplace and the largest single active vehicle we have in our listing of collateralized reinsurance sidecars.

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