Everest expands scope of Mt Logan
Everest Group has created a one-stop shop for capital management with the launch of Mt Logan Capital Management in Bermuda.
MLCM, which is licensed as an insurance manager by the Bermuda Monetary Authority, will offer a multi-vehicle capital management platform to investors. It will include its alternative capital business Mt Logan Re.
MLCM will be the exclusive source of risk-sharing and proportional underwriting capacity for Everest Group, offering leading institutional investors around the world a wide range of investment opportunities, the company said.
"The new platform – which includes the collateralised reinsurance vehicle, Mt Logan Re – will provide Everest with more flexibility for partnering with investors in the capital markets, enhancing its financial strength, balance sheet, claims-paying capacity, and growth of its reinsurance business," the company said.
The new MLCM leadership team and board of directors include John Modin, chief executive officer, and Youssef Sfaif, president and chief operating officer.
“Third-party capital management is an important part of Everest’s overall strategy,” said Modin. “We are seeing strong and growing interest from institutional investors in our capital-efficient and highly aligned structures, which provide them with diversified offerings and attractive risk-adjusted returns.
"MLCM offers newfound flexibility to build upon Everest’s $1.5 billion in total third-party capital, and we welcome new partners interested in investing in the global reinsurance market.”
Jill Beggs, reinsurance executive vice president and chief operating officer added: “Everest creates offerings that are both attractive to institutional investors and aligned to Everest’s world-class underwriting portfolio.
"MLCM, which now opens up multiple entrance points, helps pair third-party capital with dedicated underwriting portfolios, allowing us to optimise our capital structure, generate new underwriting opportunities, and grow Everest’s overall market share.”
Everest also announced it has promoted Andrew McBride to be group chief claims officer, where he will lead claims across Everest’s Insurance and Reinsurance divisions.
McBride was most recently global head of claims at Everest Insurance. Prior to joining Everest in 2021, he was executive vice president, claims at Chubb and led claims functions at ACE, QBE Insurance Group in Europe, and Aon.
Everest also appointed Lope Garcia as global reinsurance chief claims officer. Based in Miami, he reports to McBride and will work closely with Beggs.
Garcia brings more than three decades of claims leadership experience, most recently as senior vice president of claims for Latin America at Chubb, where he designed and executed the organisation’s claims strategy, leading more than 1,400 employees across nine countries. Additionally, Garcia served as chief claims officer for Latin America at Zurich and AIG.
“Exceptional claims management is a cornerstone of Everest’s reputation,” said Juan C. Andrade, Everest president and CEO. “Andrew and Lope are both seasoned and trusted leaders, with a record of building successful global claims operations. I look forward to working with both of them as we continue providing the superior service and experience Everest is known to deliver.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
