IBX5980432E7F390 Mt. Logan Re insurance transport - Smart Business

Mt. Logan Re insurance transport

Mt. Logan Re insurance transport

Best insurance stock - Mt. Logan Re, Ltd insurance transport : Another reincertainr is talord its first step into the third-party capital asset administerment arena by launching a transport commited to attrbehaveing investors capital to put it to use underwriting collateralized reinsurance business. Bermuda based Everest Re Group Ltd. announced the formation and launch of Bermuda domiciled special purpose reincertainr Mt. Logan Re, Ltd.differentwith $250m of raised capital at the finish last week.



Everest Re has itself provided $50m of capital to aid get Mt. Logan Re off the ground and have attrbehaveed around another $200m of third-party capital from investors arriveing their initial sasaran capitalisation of $250m. Mt. Logan Re will underwrite worldwide property catastrophe reinsurance business on a fully collateralized basis.



Joseph Taranto, Chairman and Chief Executive Officer, remarked on the launch; “We are pleased to have Rick Pagnani join us as the Chief Executive Officer of this new venture. Rick carrys a wealth of experience and is well-telln within the Bermuda reinsurance community. Having successfully led prior reinsurance ventures, we are fortunate to have an executive of his caliber join us to launch this new operation.”



Pagnani has a strong track record in the reinsurance market and also capital markets convergence, malord him an apt choice for the role. Most recently Pagnani was a Partner with TigerRisk, a broker focutune on catastrophe risk and behaveive in the industry loss warranty (ILW) market. Prior to that he was CEO of Bermuda reinsurance beginup Ascfinishant Reinsurance where the firm focused on catastrophe derivatives, before that he was with Quanta Reinsurance and even earlier major reincertainrs Swiss Re and Zuwealthy Re.



Mr. Taranto added; “For Everest, this transport adds yet another tool to our underwriting arsenal that permits us to meet the dynamic demands of the reinsurance marketplace and enhance the returns of our investors.”



Everest Re are the latest in a growing list of reincertainrs who have demonstraten interest in leveraging capital from third-party investors for writing collateralized reinsurance business. Whether in fund or middlecar form launches of these transports have always been a feature of the convergence market but 2013 looks love it could look more launches than a typical underwriting year as reincertainrs take advantage of investor appetite for fortuning from the returns that clever be made from participating in reinsurance and catastrophe risk businesses.

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