PIMCO recruits Mt. Logan Re CEO to head up ILS push
Pacific Investment Management Company (PIMCO), the asset management company owned by Allianz, has recruited Rick Pagnani, the former chief executive of Everest Re’s sidecar Mt. Logan Re, as head of its ILS business.
It appears the asset manager, which has almost $1.8 trillion of assets under management, is looking to create a strategy to participate more in the ILS sector via a new unit headed by Pagnani.
If an asset manager of this size were to commit to the ILS sector in a meaningful way, it would represent a significant boost for the sector but also create more competition for deals.
Pagnani joins PIMCO as executive vice president and head of its ILS business. Before joining Everest Re some six years ago, Pagnani worked at broker TigerRisk Partners.
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