Mt. Logan Re

Mt. Logan Re Ltd., the Everest Group owned and operated third-party investor capitalised reinsurance sidecar-like investment structure, has strengthened its investor relations team with the addition of two key hires.

Reflecting the much improved conditions for investments into reinsurance and retrocession, global insurance and reinsurance player Everest Group has received both positive income and dividends from its Mt. Logan Re Ltd. third-party capitalised sidecar-like structure in 2023.

Global insurance and reinsurance specialist Everest Group has made two senior promotions in its Reinsurance division, with Jill Beggs becoming its Chief Operating Officer, a role that will see her having oversight of the Mt. Logan Re operation at the firm, while Jiten Voralia has been named Head of North America Treaty.

Bermuda-based Everest Group’s Q4 2023 results show that the re/insurer continued to expand in property catastrophe risks in the hard market environment, with the firm highlighting a successful January 1 renewals in which it was able to fully deploy remaining capital raised in the second quarter.

For global insurance and reinsurance player Everest Group, using its Mt. Logan Re Ltd. third-party capitalised sidecar-like structure is seen as preferable to sponsoring catastrophe bonds or hedging with ILW’s, according to CFO Mark Kociancic.

In what looks to be a positive sign for its third-party investors, the Mt. Logan Re collateralized sidecar vehicle has been accepting increased levels of reinsurance premiums in 2023, while losses ceded to it by parent Everest Group are down considerably.

For global insurance and reinsurance group Everest, the Mt. Logan Re Ltd. third-party capital vehicle is having a strong year, with over $250 million of new capital raised and its assets under management approaching $1.1 billion.

Everest Group reported quarterly results that show ongoing expansion into the hard property catastrophe reinsurance market, where the company says pricing continues to rise at more than 30%, while terms and conditions are still improving.

For global insurance and reinsurance group Everest, the Mt. Logan Re Ltd. third-party capital vehicle is a key strategic priority for the long-term, one that the company intends to grow, COO and Head of Reinsurance Jim Williamson told us.

Global insurance and reinsurance specialist Everest has seen the recent trend of a return to productive growth for its collateralized reinsurance investment vehicle Mt. Logan Re continue in the second-quarter of 2023.