Everest earned $35m dividend and $7m investment income from Mt. Logan Re in 2025

Everest Group, the global insurance and reinsurance specialist, benefited from a $35 million dividend payment from its Mt. Logan Re Ltd., third-party capitalised sidecar-like structure in 2025, while also earning $7 million of income from its investment into specific Mt. Logan Re cells.

It’s a meaningful year-on-year increase in earnings at the Everest Group level from the structure where its third-party reinsurance capital management and insurance-linked securities (ILS) style investment activities occur.

2025’s results sees Everest disclosing earning its highest dividend from Mt. Logan Re yet, reporting $35 million in cash dividends paid to the group.

The re/insurer also disclosed that it received no cash dividends from Mt. Logan Re in 2024, while back in 2023 it earned $15 million in that form.

On the income earned from Mt. Logan Re cells, 2025 saw Everest receiving $7 million from that, slightly down on the $8 million earned in both 2024 and 2023.

However, Everest’s own investment into Mt. Logan Re, on which the cell related income is earned, fell as of December 31st 2025 to $35 million, down from $39 million as of December 31st 2024. As a result, it’s no surprise the cell income reported is slightly down for the last year.

As we recently reported, Mt. Logan Re’s third-party capital assets under management have been rising and surpassed $2.5 billion as of January 1st 2026, which suggests a growing strategic lever for the company and, depending on catastrophe loss experience, potentially a rising source of income through dividends and investment earnings for the group as well.

In terms of business ceded by Everest to Mt. Logan Re during the last year, ceded written premiums reported are down at $357 million for 2025, compared to $433 million for 2024, but well up on $246 million in 2023.

It’s important to note that after the previous quarter Everest clarified that a change in accounting methodology drove the reduction of ceded written premiums, not an actual reduction in annual premiums transacted.

Reflecting this, ceded earned premiums booked under Mt. Logan Re rose to $425 million for full-year 2025, from $376 million in 2024 and $242 million in 2023.

That shows the continuation of the build-up of the reinsurance premium base that earns out and accrues to the benefit of Mt. Logan Re’s third-party investor base, fuelled by rising assets under management and firepower to write business in the collateralized segregated accounts of the structure.

Also encouraging for the investors in the structure, losses ceded to Mt. Logan Re by Everest came in at $168 million for 2025, down from $188 million in the prior year.

In addition, assumed written and earned premiums, by Everest from Mt. Logan Re, rose to $14 million each in 2025, from $10 million in 2024, again likely reflecting more business being entered into by the structure.

As of December 31st 2025, Everest reported that the reinsurance recoverable due to it from Mt. Logan Re collateralized segregated accounts was $411 million, so slightly up from the $405 million level it stood at as of the end of September.

That size, of the reinsurance recoverable, is indicative of the stature of Mt. Logan Re and the important role it plays for Everest, being still the largest single retrocessionaire to the group.

The slight increase is likely due to the increasing size of Mt. Logan’s capital base and more business being undertaken, which is a positive signal regarding the collateralized reinsurance and insurance-linked securities vehicle, as well as positive for the parent in terms of future earnings potential.

View information on dedicated ILS fund managers, as well as reinsurers offering ILS style investment opportunities, in our Insurance-Linked Securities Investment Managers & Funds Directory.