Mt Logan
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The sidecar’s loss ratio improved by 139 points to 35% in the latest quarter.
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Frank Lopapa was instrumental in the formation of Mt Logan in 2015 and retires after eight years on the board.
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This comes as the reinsurer is preparing a major equity raise to attack the harder reinsurance market.
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The Bermuda sidecar took losses of $21.1mn from the reinsurer during the quarter.
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The firm has refreshed its management line-up and said it would develop new low-correlation products.
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The collateralised sidecar of Everest Re was hit by higher cat losses in the period.
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Modin will succeed David Whiting, who is retiring after a 45-year career in the reinsurance industry.
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Despite the Q2 increase, the Everest Re sidecar’s written premium for the first half was down 2% to $155.3mn.
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The insurer remained in underwriting profit despite the winter storm losses.
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The sidecar's asset base has fallen by around $140mn in the past year.
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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.
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The sidecar’s cat claims came in just under the $323.7mn level recorded in 2017.
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At $1.05bn, the Everest Re sidecar has remained stable throughout 2018.
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The final couple of months of 2018 brought further pain for sidecar investors.
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