Mt. Logan Re

Global insurance and reinsurance group Everest has reported significantly increased cessions from its property catastrophe line of business to cells of Mt. Logan Re Ltd., the main underwriting vehicle of its Mt. Logan Capital Management, Ltd. (MLCM) third-party capital management business.

Global insurance and reinsurance specialist Everest has continued to cede more in the way of premiums to its Mt. Logan Re third-party capital platform in the second-quarter, with the growth accelerating at an ever faster rate year-on-year.

Everest Group, the global re/insurance company, has announced the launch of Mt. Logan Capital Management, Ltd. (MLCM), marking a transformation of its existing alternative capital and insurance-linked securities (ILS) investment offering into a multi-vehicle third-party reinsurance capital management platform.

The year has begun strongly for Mt. Logan Re Ltd., the Everest Group owned and operated third-party investor capitalised reinsurance sidecar-like investment structure, as it received 64% more in ceded premium from its parent through the first-quarter.

Mt. Logan Re Ltd., the Everest Group owned and operated third-party investor capitalised reinsurance sidecar-like investment structure, has strengthened its investor relations team with the addition of two key hires.

Reflecting the much improved conditions for investments into reinsurance and retrocession, global insurance and reinsurance player Everest Group has received both positive income and dividends from its Mt. Logan Re Ltd. third-party capitalised sidecar-like structure in 2023.

Global insurance and reinsurance specialist Everest Group has made two senior promotions in its Reinsurance division, with Jill Beggs becoming its Chief Operating Officer, a role that will see her having oversight of the Mt. Logan Re operation at the firm, while Jiten Voralia has been named Head of North America Treaty.

Bermuda-based Everest Group’s Q4 2023 results show that the re/insurer continued to expand in property catastrophe risks in the hard market environment, with the firm highlighting a successful January 1 renewals in which it was able to fully deploy remaining capital raised in the second quarter.

For global insurance and reinsurance player Everest Group, using its Mt. Logan Re Ltd. third-party capitalised sidecar-like structure is seen as preferable to sponsoring catastrophe bonds or hedging with ILW’s, according to CFO Mark Kociancic.

In what looks to be a positive sign for its third-party investors, the Mt. Logan Re collateralized sidecar vehicle has been accepting increased levels of reinsurance premiums in 2023, while losses ceded to it by parent Everest Group are down considerably.