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New platform to provide broad access and increase attractive opportunities for institutional investors
HAMILTON, Bermuda – July 18, 2024 – Everest Group, Ltd. (NYSE: EG) today announced the transformation of its alternative capital business into a multi-vehicle capital management platform through the launch of Mt. Logan Capital Management, Ltd. (“MLCM”).
Under the new structure, MLCM, which is now licensed as an insurance manager by the Bermuda Monetary Authority (BMA), will expand its role as the exclusive source of risk-sharing and proportional underwriting capacity for Everest Group, offering leading institutional investors around the world a wide range of investment opportunities.
Institutional investors in structures sponsored by MLCM will benefit from Everest’s growing portfolio of diversified reinsurance risks, anchored by the Company’s globally recognized underwriting discipline and expertise. Additionally, the new platform – which includes the collateralized reinsurance vehicle, Mt. Logan Re – will provide Everest with more flexibility for partnering with investors in the capital markets, enhancing its financial strength, balance sheet, claims-paying capacity, and growth of its reinsurance business.
The new MLCM leadership team and Board of Directors include John Modin, Chief Executive Officer, and Youssef Sfaif, President and Chief Operating Officer.
“Third-party capital management is an important part of Everest’s overall strategy,” said John Modin. “We are seeing strong and growing interest from institutional investors in our capital-efficient and highly aligned structures, which provide them with diversified offerings and attractive risk-adjusted returns. MLCM offers newfound flexibility to build upon Everest’s $1.5 billion in total third-party capital, and we welcome new partners interested in investing in the global reinsurance market.”
Jill Beggs, Reinsurance Executive Vice President and Chief Operating Officer added, “Everest creates offerings that are both attractive to institutional investors and aligned to Everest’s world-class underwriting portfolio. MLCM, which now opens up multiple entrance points, helps pair third-party capital with dedicated underwriting portfolios, allowing us to optimize our capital structure, generate new underwriting opportunities, and grow Everest’s overall market share.”
About Mt. Logan Capital Management
Mt. Logan Capital Management, Ltd. (MLCM) is Everest’s third-party capital platform, which offers institutional investors the opportunity to share proportionately in an Everest-originated diversified portfolio of reinsurance risks. Through capital-efficient and highly aligned structures, MLCM’s objective is to provide investors attractive risk-adjusted returns over the long term, lightly correlated with those from the global capital markets. MLCM is licensed and regulated by the Bermuda Monetary Authority as an Insurance Manager. Additional information about MLCM can be found on our website at www.mtlogancm.com.
About Everest
Everest Group, Ltd. (Everest) is a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions that address customers’ most pressing challenges. Known for a 50-year track record of disciplined underwriting, capital and risk management, Everest, through its global operating affiliates, is committed to underwriting opportunity for colleagues, customers, shareholders, and communities worldwide.
Everest common stock (NYSE: EG) is a component of the S&P 500 index.
Additional information about Everest, our people, and our products can be found on our website at www.everestglobal.com.