Mt. Logan Re written premiums from Everest decline, but earned premium continues to build

Mt. Logan Re Ltd., the third-party capitalised sidecar-like structure operated by Everest Group’s Mt. Logan Capital Management unit, has received slightly less in written premiums from its parent through the first nine months of 2025.

It perhaps indicates a slower third-quarter, for written premiums being ceded through to the collateralized reinsurance investment structure Mt. Logan Re, but we believe that is largely due to timing, in terms of when renewal business has been underwritten during the year and booked.

Update: Everest clarified that a change in accounting methodology drove the reduction, not an actual reduction in annual premiums.

After the first-half of 2025, Mt. Logan Re had received some 48% more in premiums from its parent Everest.

That growth in premiums had come through the first-quarter of the year though, as the Mt. Logan Re team deployed more capital around the January reinsurance renewal season.

Everest had transferred $170 million of written property catastrophe premiums to Mt. Logan Re in Q1 2025, a 95% increase from the $87 million ceded to it in Q1 2024.

But the third-quarter saw a meaningful reduction in written premiums being ceded to Mt. Logan Re, as they halved from $235 million ceded in Q3 2024, to just $115 million ceded in Q3 of 2025.

Which means that on the nine-month basis, so far in 2025 Mt. Logan Re has received $365 million in written premiums from Everest, now slightly down on $404 million from this stage of last year.

It indicates a shift in timing focus, which is perhaps also indicative of Mt. Logan Re aiming to build more of its annual portfolio through the first-half and with a January renewal focus.

Under the hood though, there is clear evidence of the strategy continuing to build, as earned premiums ceded to Mt. Logan Re by Everest continue to build.

Earned premiums booked under Mt. Logan Re reached $113 million for Q3 2025, up on the prior year’s $79 million. While for the first nine months they reached $330 million, up on last year’s $260 million.

That suggests a continued build-up of the reinsurance premium base that earns out and accrues to the benefit of Mt. Logan Re’s third-party investor base.

Finally, losses ceded to Mt. Logan Re by Everest only rose slightly in the third-quarter, by $13 million, well down on the prior year’s $44 million.

That took year-to-date losses ceded to the collateralized reinsurance structure by its parent to $135 million, still running ahead of 9-month 2024’s $107 million, but remember that $121 million came from Q1 this year, largely due to the California wildfires.

As of September 30th 2025 the reinsurance recoverable due from Mt. Logan Re collateralized segregated accounts was $405 million, so slightly down from the $411 million it stood at as of the end of June, and much lower than the $482 million it stood at as of March 31st.

As we’ve said before, while the size of the reinsurance recoverable is indicative of the stature of Mt. Logan Re and the important role it plays for Everest, the fact it reduces over-time is also indicative of prior losses being unwound and settled, which is a positive signal for any collateralized reinsurance or insurance-linked securities vehicle.