Everest Re’s Special Purpose Reinsurer Reaches $370 Million of Capacity

January 14, 2014

Everest Re Group, Ltd.’s special purpose reinsurer, Mt. Logan Re, Ltd., has secured additional funding, which brings current committed capacity to $370 million, above its initial target funding of $250 million.

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 perccent is derived from third party investors, has been fully deployed.

Everest Re Group, Ltd. is a Bermuda holding company that operates through the following subsidiaries: Everest Reinsurance Co. provides reinsurance to property and casualty insurers in both the U.S. and international markets. Everest Reinsurance (Bermuda), Ltd., including through its branch in the United Kingdom, provides reinsurance and insurance to worldwide property and casualty markets and reinsurance to life insurers. Everest Reinsurance Co. (Ireland), Ltd. provides reinsurance to non-life insurers in Europe. Everest National Insurance Co. and Everest Security Insurance Co. provide property and casualty insurance to policyholders in the U.S. Everest Indemnity Insurance Co. offers excess and surplus lines insurance in the U.S. Everest Insurance Co. of Canada provides property and casualty insurance to policyholders in Canada.

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