Everest Re
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This comes as the reinsurer is preparing a major equity raise to attack the harder reinsurance market. -
Net proceeds will be used for general corporate purposes, which may include expanding its existing business lines and operations.
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Details of the placement are being closely guarded, but one source suggested the raise could be in the region of $1bn.
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Should reinsurers retain the option of playing in ILS, or take a ‘go hard or go home’ approach?
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The reinsurer revealed it raised money in Mt Logan at the 1 January renewal.
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The cat XoL rate increase in Europe was over 40%, while the average attachment point of the global property cat business increased “meaningfully,” he added.
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The reinsurer’s combined ratio fell to 87.8% in Q4 2022, improving 4 points against the prior-year quarter.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
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The former reinsurance CEO had previously parted ways with Bob Cooney after working together on a reinsurer start-up last year.
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Mt Logan ceded $68mn of premiums to Everest Re in the three months leading up to 30 September – down 41% compared to Q3 2021.
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Early reporters emphasised an ongoing demand for structural change.
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CEO Andrade said the hardening property cat market was a “tremendous opportunity” for the Bermudian.
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