Mt Logan

The final couple of months of 2018 brought further pain for sidecar investors.

There was also evidence of one investment manager renewing its interest in the asset class.

Rick Pagnani was most recently CEO of Everest Re’s Mt Logan vehicle.

The Everest Re sidecar will have less capacity in 2019, the reinsurer has told brokers.

Mt Logan Re investors took $133.8mn of losses in Q2 as its parent Everest Re suffered from adverse development on 2017 claims, undoing the benefit of reserve releases booked in the fourth quarter last year.

The Everest Re sidecar’s Q2 claims burden was up by more than 400 percent year on year.

The sidecar grew as the (re)insurer reported a 29 percent surge in gross written premium for the quarter.

The chief underwriting officer at Everest Re’s sidecar will work alongside departing CEO Rick Pagnani.

The CEO is leaving his position as head of Everest Re’s sidecar after five years in the role.

Everest Re sidecar Mt Logan Re wrote almost 50 percent more premium year-on-year in the first quarter, recording $81mn of written premium.