Mt. Logan Re surpasses funding target
Everest Re Group’s special purpose reinsurer, Mt. Logan Re, has surpassed its initial funding target of $250 million, bringing the total to £370 million.
Mt. Logan Re was formed in early 2013 to provide collateralised capacity to the worldwide property catastrophe reinsurance market. As of January 1, 2014, Mt. Logan Re's capacity, of which 85 percent is derived from third party investors, has been fully deployed.
"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,” said Dominic Addesso, chief executive officer and president.
Rick Pagnani, chief executive officer of Mt. Logan Re added: "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."
