Everest Group has restructured its alternative capital business, launching Mt. Logan Capital Management (MLCM), a multi-vehicle capital management platform. MLCM, licensed as an insurance manager by the Bermuda Monetary Authority, will expand its role as the exclusive source of risk-sharing and proportional underwriting capacity for Everest Group. The new leadership team at MLCM includes John Modin as CEO and Youssef Sfaif as president and chief operating officer. According to the firm, the new platform, which includes the collateralised reinsurance vehicle Mt. Logan Re, will provide Everest with more flexibility for partnering with investors in the capital markets. It aims to improve Everest's financial strength, balance sheet, claims-paying capacity, and growth in its reinsurance business. Modin remarks: “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.” Meanwhile, Jill Beggs, reinsurance executive vice president and chief operating officer, adds: “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.”
