Mt. Logan Re Ltd., the collateralized sidecar reinsurance operations of Bermuda headquartered global reinsurance firm Everest Re, has announced the appointment of Krystalle Tobin as its Chief Financial Officer.
The Mt. Logan Re third-party investor backed, fully-collateralized, reinsurance sidecar underwriting vehicle is Everest Re’s capital markets strategy for managing institutional investor money within its business.
Everest Re has had significant success with Mt. Logan Re, growing its assets under management to approximately $480m, with the vehicles non-controlling interest (so the capital contributed by third-party investors) increasing once again in the third-quarter, now amounting to $404.411m at the 30th September.
Krystalle Tobin was most recently with Hiscox Insurance Company (Bermuda) Ltd. where she served as Chief Financial Officer from June 2010. Before that Tobin was Vice President and Controller at Inter-Ocean Reinsurance Company Ltd. in 2006 and from 1998 to 2000, she held the position of Vice President at Becher + Carlson Management.
Rick Pagnani, President and Chief Executive Officer of Mt. Logan Re, said about the appointment; “We are delighted to have Krystalle join our growing team. She is a high caliber professional who brings a wealth of experience in finance and will be instrumental to the continued success of our organization.”
Everest Re continues to build out its third-party reinsurance capital management abilities with this hire. The reinsurer said recently that Mt.Logan Re helps it to reduce its cost-of-capital, a key asset in the currently challenging reinsurance underwriting market.
With Everest Re having also launched its second catastrophe bond issuance just last week there can be no doubt that third-party capital and ILS is set to play an important part in the reinsurers future.
Mt. Logan Re is currently the largest reinsurance sidecar in the marketplace and the largest we have in our listing of collateralized reinsurance sidecars.