Everest Re
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Cat bond funds continue to draw interest as private ILS more challenged. -
Everest losses ceded to Mt Logan grew by 63% to $26mn.
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Total pre-tax cat losses for the quarter grew sixfold YoY to $135mn.
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Reinsurer-managers are building out asset management infrastructure as they expand.
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The firm said the move would let it build a multi-vehicle capital management platform.
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The executive joined in January after a decade at Liberty Mutual.
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Cat bond deals placed last week amounted to $150mn of issuance.
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A degree of pricing volatility was evident in the market this week.
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The shift in market dynamics reflects $1.8bn of maturities last week.
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The bond is split across Class A and Class B notes that have different levels of risk.
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Over Q1, the loss ratio improved by 34.6 points year on year to 43.7%.
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Vincent Pomo spent more than 11 years at Everest Re in a variety of roles.
