HAMILTON, Bermuda--(BUSINESS WIRE)--Jan. 10, 2014--
Everest Re Group, Ltd. (NYSE:RE) today announced that its special
purpose reinsurer, Mt. Logan Re, Ltd., has secured additional funding,
which brings current committed capacity to $370 million, far exceeding
its initial target funding of $250 million.
Mt. Logan Re, which was formed in early 2013, was established to provide
collateralized capacity to the worldwide property catastrophe
reinsurance market. As of January 1, 2014, Mt. Logan Re’s capacity, of
which 85% is derived from third party investors, has been fully deployed.
Mr. Dominic Addesso, Chief Executive Officer and President, said,
“Everest’s value proposition, with its leading market position, global
diversified platform, long term relationships and strong ratings
attracted investors to Mt. Logan Re as they sought to participate in the
catastrophe reinsurance market.”
Mr. Rick Pagnani, Chief Executive Officer of Mt. Logan Re, commented,
“The positive response from our investors has exceeded our expectations
and serves to validate the strength of our platform, value proposition,
and the importance of our relationship with our sponsor Everest Re.”
About Everest Re Group, Ltd.
Everest Re Group, Ltd. is a Bermuda holding company that operates
through the following subsidiaries: Everest Reinsurance Company provides
reinsurance to property and casualty insurers in both the U.S. and
international markets. Everest Reinsurance (Bermuda), Ltd., including
through its branch in the United Kingdom, provides reinsurance and
insurance to worldwide property and casualty markets and reinsurance to
life insurers. Everest Reinsurance Company (Ireland), Limited provides
reinsurance to non-life insurers in Europe. Everest National Insurance
Company and Everest Security Insurance Company provide property and
casualty insurance to policyholders in the U.S. Everest Indemnity
Insurance Company offers excess and surplus lines insurance in the U.S.
Everest Insurance Company of Canada provides property and casualty
insurance to policyholders in Canada. Additional information on Everest
Re Group companies can be found at the Group’s web site at www.everestregroup.com.
Source: Everest Re Group, Ltd.
Everest Global Services, Inc.
Elizabeth B. Farrell, 908-604-3169
Vice
President, Investor Relations