Mt Logan
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Everest losses ceded to Mt Logan grew by 63% to $26mn. -
The sidecar’s loss ratio improved by 139 points to 35% in the latest quarter.
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Frank Lopapa was instrumental in the formation of Mt Logan in 2015 and retires after eight years on the board.
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This comes as the reinsurer is preparing a major equity raise to attack the harder reinsurance market.
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The Bermuda sidecar took losses of $21.1mn from the reinsurer during the quarter.
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The firm has refreshed its management line-up and said it would develop new low-correlation products.
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The collateralised sidecar of Everest Re was hit by higher cat losses in the period.
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Modin will succeed David Whiting, who is retiring after a 45-year career in the reinsurance industry.
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Despite the Q2 increase, the Everest Re sidecar’s written premium for the first half was down 2% to $155.3mn.
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The insurer remained in underwriting profit despite the winter storm losses.
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The sidecar's asset base has fallen by around $140mn in the past year.
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The sidecar’s loss ratio improved by 30 points year on year.
