Everest Re Establishes Special Purpose Reinsurer, Mt. Logan Re, Ltd.
HAMILTON, Bermuda -- January 11, 2013
Everest Re Group, Ltd. (NYSE: RE) today announced the formation of Mt. Logan
Re, Ltd., a new Bermuda domiciled special purpose reinsurer, to provide
collateralized capacity to the worldwide property catastrophe reinsurance
Everest Re will provide initial funding of $50 million to Mt. Logan Re with
additional funding secured from third party investors to reach an initial
target capacity of $250 million.
Mr. Joseph V. Taranto, Chairman and Chief Executive Officer, said "We are
pleased to have Rick Pagnani join us as the Chief Executive Officer of this
new venture. Rick brings a wealth of experience and is well known within the
Bermuda reinsurance community. Having successfully led prior reinsurance
ventures, we are fortunate to have an executive of his caliber join us to
launch this new operation.” Mr. Taranto further commented, “For Everest, this
vehicle adds yet another tool to our underwriting arsenal that allows us to
meet the dynamic demands of the reinsurance marketplace and enhance the
returns of our investors."
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
Everest Global Services, Inc.
Elizabeth B. Farrell, 908-604-3169
Vice President, Investor Relations
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