Special purpose reinsurer Mt. Logan Re, formed last year by Everest Re to provide collateralised capacity to the property catastrophe reinsurance market, has secured additional funding. These funds have brought the total committed capacity to $370 million, far above the initial target funding of $250 million.
85 percent of Mt. Logan Re’s capacity is courtesy of third party investors. Its capacity has been fully deployed as of January 1, 2014.
Dominic Addesso, CEO and President, says: “Everest’s value proposition, with its leading market position, global diversified platform, long term relationships and strong ratings attracted investors to Mt. Logan Re as they sought to participate in the catastrophe reinsurance market.”
Rick Pagnani, CEO of Mt. Logan Re, adds: “the positive response from our investors has exceeded our expectations and serves to validate the strength of our platform, value proposition, and the importance of our relationship with Everest Re.”
Everest Re, Special Purpose Vehicle, Mt. Logan Re, property catastrophe