third party capital

Mt. Logan Re Ltd., the collateralized special purpose reinsurance sidecar owned and operated by Bermuda reinsurer Everest Re Group Ltd., has announced the hiring of Mark Booth as its Head Property Reinsurance Underwriter.

Third-party reinsurance capital, insurance-linked securities (ILS) and its collateralized reinsurance sidecar Mt. Logan Re all provide reinsurer Everest Re with an additional source of financial leverage, of sorts, according to CEO Dominic Adesso.

Bermuda based reinsurance company Everest Re has continued to have success in attracting capital markets investors to its Mt. Logan Re collateralized reinsurance sidecar, adding another $50m of third-party capital to it during the second quarter.

Bermuda based reinsurance firm Everest Re raised additional capital for its Mt. Logan Re fully-collateralized reinsurance sidecar, taking it to over $400m in capacity at the April reinsurance renewals.

Bermuda reinsurance firm Everest Re appreciated its largely third-party capital funded fully-collateralized reinsurance sidecar Mt. Logan Re during 2013, as the vehicle helped the reinsurer to write larger lines while better serving its clients.

Bermuda based reinsurance firm Everest Re has exceeded its capital raising target for its Mt. Logan Re fully-collateralized reinsurance sidecar, reaching $370m in capacity, $314.5m of which is from third-party investors.

Bermuda based reinsurer Everest Re Group Ltd.’s collateralized reinsurance sidecar, Mt. Logan Re, Ltd., has announced the appointment of experienced industry executive David Whiting to the position of Chief Underwriting Officer, effective from Monday.

Bermuda based reinsurance firm Everest Re continues to approach capital markets investors to raise funds for its Mt. Logan Re sidecar and expects to meet, or possibly even exceed, its initial target of raising $250m of third-party capital by the end of 2013.

According to the quarterly financial supplement of Bermuda based reinsurance firm Everest Re, the reinsurer has raised approximately $91.3m of external capital for its Mt. Logan Re sidecar which it launched at the start of 2013.

Bermuda based reinsurance firm Everest Re has yet to reach its initial fundraising target for its sidecar, Mt. Logan Re, which it launched at the start of the year. Currently the reinsurer says that it is about half way to its initial target of $250m of capital, which included $50m of its own funds.