Everest Re

While growing its business substantially again in the third-quarter, it seems that global insurance and reinsurance company Everest Re ceded more of its written premiums to reinsurance capacity, either to third-party capital investors in Mt. Logan Re, or its retrocessionaires, as the significant catastrophe losses drove it to an underwriting loss for the third-quarter of […]

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.

Having access to diverse and efficient sources of capital and ensuring they are treated as equal is increasingly a key trait of a successful reinsurance company, something the CEO of global player Everest Re clearly understands.

Global insurance and reinsurance company Everest Re ceded more written premiums to its Mt. Logan Re Ltd. collateralized reinsurance sidecar-like vehicle in the second-quarter of 2021, while at the same time a more benign catastrophe quarter appears to have resulted in fewer losses being ceded.

Global insurance and reinsurance company Everest Re has reported a strong second-quarter of results, with its reinsurance book expanding almost 40% on a gross premium basis, but with catastrophe losses a little ahead of the prior year.

Everest Re is aiming to expand its access to third-party and alternative sources of reinsurance capital, with growth of its Mt. Logan Re sidecar-like structure seen as a key strategic opportunity, according to its CEO.

Bermudian reinsurance firm Everest Re has hired Juan C. Andrade from Chubb and named him as the current COO, but lined up to become CEO on Jan 1 2020, to succeed outgoing CEO Dominic Addesso.

The settlement and completion of the $500m Kilimanjaro Re Ltd. (Series 2014-2) catastrophe bond today takes 2014 issuance of new cat bonds and insurance securitisations to $7.143 billion, keeping the market on track for a possible record year.

Everest Re’s latest catastrophe bond, the now $500m Kilimanjaro Re Ltd. (Series 2014-2), has been priced with the coupon settling at the mid-point. The cat bond notes have also received their rating and a little more detail on the transaction has emerged as a result.

The Kilimanjaro Re Ltd. (Series 2014-2) catastrophe bond, launched recently for Bermuda reinsurance firm Everest Re, reflecting strong investor demand for the ILS asset class is set to increase in size by 43% to secure the reinsurer $500m of protection.