Mt Logan
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The sidecar's asset base has fallen by around $140mn in the past year. -
The sidecar’s loss ratio improved by 30 points year on year.
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This is the first time premium income has outpaced claims in three years.
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The Everest Re sidecar assumed $79.5mn of losses after Dorian and Faxai hits, up from $29mn in the same quarter last year.
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The Everest Re sidecar shrank by $6mn, as the carrier fell to an underwriting loss for the quarter.
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The sidecar’s 53 percent loss ratio was well below last year’s huge claims hit.
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“We're not trying to grow for the sake of growing,” Everest Re’s reinsurance chief executive John Doucette told analysts yesterday.
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The Everest Re group member has been hit by the departure of CEO Rick Pagnani and chief operating officer Michael Beck over the last year.
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Losses taken by the Everest Re sidecar more than doubled year on year.
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Mt Logan Re joins AlphaCat to manage the Australian asset manager’s $560mn ILS investments.
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Juan Prado was previously a senior vice president at RenaissanceRe Ventures.
