Everest Re Group, Ltd., which provides reinsurance to property and casualty insurers, has formed Mt Logan Re, Ltd., a new Bermuda-domiciled reinsurer, to provide collateralized capacity to the worldwide property catastrophe reinsurance market.
Everest Re will provide initial funding of $50 million to Mt. Logan Re with additional funding secured from third party investors to reach an initial target capacity of $250 million.
Joseph Taranto, Chairman and CEO, said: "We are pleased to have Rick Pagnani join us as the CEO of this new venture. Rick brings a wealth of experience and is well known 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.
"For Everest, this vehicle adds yet another tool to our underwriting arsenal that allows us to meet the dynamic demands of the reinsurance marketplace and enhance the returns of our investors."