Mt. Logan Re, the collateralized reinsurance sidecar or perhaps better termed third-party capital companion reinsurance vehicle owned by re/insurer Everest Re, has announced the hire of ex-Platinum exec Chris Caponigro as its Head of Business Development.
Mt. Logan Re is a Bermuda domiciled special purpose reinsurance vehicle that Everest Re established in 2013, making it the firm’s main third-party capital and convergence vehicle. Since it’s launch Mt. Logan Re has grown rapidly, becoming what Everest Re’s Chief Underwriting Officer termed “one of the fastest growing convergence vehicles.”
Caponigro was most recently with Platinum Underwriters Bermuda, Ltd., the reinsurer acquired by fellow Bermudian Renaissance Re, where he was Head of North American Catastrophe Lines.
Prior to his time at Platinum, from 1995 to 2002, Caponigro worked for St. Paul Re. His background of over 20 years experience includes property, specialty, and structured underwriting, as well as various financial and analytical roles.
Rick Pagnani, President and Chief Executive Officer of Mt. Logan Re, said; “We are excited to have Chris join our organization to further the expansion of Mt. Logan, and build on its success. As one of the fastest growing capital convergence vehicles in our market, Mt. Logan continues to attract strong investor interest.
“Chris’ diverse background in both the underwriting and financial disciplines of our industry will be invaluable as we continue the organization’s build out.”
It’s no surprise that Pagnani says that Mt. Logan continues to attract strong investor interest. The returns are said to have been impressive through its first two years of operation and it has now reached a critical mass, in terms of size, where it is really able to augment Everest Re’s operations and line sizes.
At the last count Mt. Logan Re was somewhere around the $750m to $810m market, in terms of total assets under management. That has no doubt increased again for the mid-year renewals, we’ll likely find out more in the coming weeks when Everest Re’s results are announced.