Swiss Re Insurance-Linked Fund Management

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Mt. Logan Re Ltd.

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Mt. Logan Re Ltd. sidecar snapshot

  • Reinsurance sidecar: Mt. Logan Re Ltd.
  • Sponsor: Everest Re
  • Launched: January 2013
  • Latest size: ~$900m (as at July 2015)

Mt. Logan Re Ltd. sidecar details

The Mt. Logan Re Ltd. fully-collateralized sidecar was launched by Everest Re in January, 2013, with $200m of third-party investor capital and $50m contributed by Everest Re itself, giving a capital base at launch of $250m.

The sidecar was launched to underwrite global property catastrophe reinsurance business on a fully-collateralized basis and, at the time of launch Everest Re CEO and Chairman, Joseph Taranto said; “For Everest, this vehicle adds yet another tool to our underwriting arsenal that allows us to meet the dynamic demands of the reinsurance marketplace and enhance the returns of our investors.”

During the third-quarter of 2014, Everest Re’s results revealed that the Mt. Logan Re Ltd. reinsurance sidecar was proving core to its business, growing in size to roughly $480m, of which an estimated $75m was contributed by Everest Re itself, and making it the strongest quarter reported by the sidecar vehicle, so far.

The January renewal period during 2015 saw the reinsurer’s fully-collateralized sidecar vehicle grow again, significantly, as the firm reported that it had raised a further $270m of third-party investor capital for the venture. Furthermore, as Everest Re seeks to maintain a 85%/15% share in the vehicle, the $690m of third-party investor capital combined with the contribution from Everest Re, takes the Mt. Logan Re Ltd. sidecar total capitalisation to as much as $810m.

At the mid-year 2015 renewals Bermudian re/insurer Everest Re again reported growth with its Mt. logan Re Ltd. sidecar, increasing its third-party AuM by 80% during the first six months of the year. The increase takes the volume of third-party investor capital in the sidecar vehicle to $759.8m, and the total capitalisation of the reinsurance sidecar vehicle to roughly $900m ($893.88m at June 30th based on the 85%/15% ratio).

Go back to the Artemis Collateralized Reinsurance Sidecar Directory.

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