Global insurance and reinsurance company Everest Re has announced a new President for its Mt. Logan Re Ltd. collateralized reinsurance sidecar-like vehicle, hiring well-known insurance-linked securities (ILS) focused executive John Modin from Citigroup for the role.
Modin’s role at Citigroup was as a Managing Director in the financial services group and Head of Insurance Solutions, a position that saw him leading activities focused on the insurance-linked securities (ILS) market and reinsurance capital markets.
As a result, Modin has more than 30 years of experience across financial services, ILS and insurance markets, to bring to Mt. Logan Re.
Former Mt. Logan Re Ltd. President David Whiting is retiring from the company, following a 45 year career in the Bermuda reinsurance market.
Whiting will remain with Mt. Logan Re until the end of 2021 to assist Modin with the transition.
Juan C. Andrade, Everest President & CEO commented on the new hire, “We welcome John Modin to Everest and Mt. Logan Re. Everest has built an excellent ILS capital management business with Mt. Logan Re. John’s leadership will be critical as we continue to expand our risk financing and partner with investors to offer high quality and diversifying returns. He has great experience, knowledge, and network in the world of reinsurance capital markets and has worked extensively with Everest for many years as a trusted advisor.”
“I am very excited by the opportunity to join Mt. Logan and Everest,” added Modin. The transformation at Everest under Juan Andrade’s leadership is well underway and the potential for Mt. Logan is outstanding. Everest has a leading global reinsurance franchise and unparalleled access to business for our current and future capital partners. I look forward to working with my new colleagues at Mt. Logan and across Everest as we accelerate the scale and value of Mt. Logan.”
Earlier in his career, Modin held senior roles as Chief Financial Officer of reinsurance firms PXRE and Enterprise Re, after having begun his career as a CPA at KPMG.
As we reported recently, Everest Re is targeting significant growth for its Mt. Logan Re third-party reinsurance capital vehicle, which is seen as a key strategic opportunity for the company.
Modin joins the company at a key stage in its growth, with its parent set to leverage the efficiencies of third-party capital increasingly and Mt. Logan Re seen as the right platform for partnering with institutional sources of capacity to achieve that.