Mt. Logan Re Reaches $370 Million of Capacity
Bermuda-based Everest Re Group, Ltd. announced that its special purpose reinsurer, Mt. Logan Re, Ltd., has secured additional funding, which brings current committed capacity to $370 million, far exceeding its initial target funding of $250 million.
“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 our sponsor Everest Re.”
Mt. Logan Re, which was formed in early 2013, was established to provide collateralized capacity to the worldwide property catastrophe reinsurance market. As of January 1, 2014, Mt. Logan Re’s capacity, of which 85% is derived from third party investors, has been fully deployed.
Mr. Dominic Addesso, Chief Executive Officer and President, said, “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.”
Mr. Rick Pagnani, Chief Executive Officer of Mt. Logan Re, commented, “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 our sponsor Everest Re.”
