The new platform aims to provide expansive access and increase attractive opportunities for investors. MLCM, which includes the firm’s collateralised reinsurance vehicle, Mt. Logan Re, is now licensed as an insurance manager by the Bermuda Monetary Authority. Under the new structure, it will play a larger role as the sole source of risk-sharing and proportional underwriting capacity for Everest. Institutional investors will benefit from a wide range of investment opportunities, and those in structures sponsored by MLCM will also benefit from the re/insurer’s growing portfolio of diversified reinsurance risks.
For Everest, MLCM should bring more flexibility for collaborating with investors in the capital markets, strengthening its financial position, balance sheet, claims-paying capacity, and the growth of its reinsurance business.
The new MLCM leadership team includes John Modin (pictured) as Chief Executive Officer and Youssef Sfaif as President and Chief Operating Officer.
Modin commented: “Third-party capital management is an important part of Everest’s overall strategy. We are seeing strong and growing interest from institutional investors in our capital-efficient and highly aligned structures, which provide them with diversified offerings and attractive risk-adjusted returns. MLCM offers newfound flexibility to build upon Everest’s $1.5 billion in total third-party capital, and we welcome new partners interested in investing in the global reinsurance market.”
Jill Beggs, Reinsurance EVP and COO, added: “Everest creates offerings that are both attractive to institutional investors and aligned to Everest’s world-class underwriting portfolio. MLCM, which now opens up multiple entrance points, helps pair third-party capital with dedicated underwriting portfolios, allowing us to optimise our capital structure, generate new underwriting opportunities, and grow Everest’s overall market share.”
