$370M of capacity for Everest's special purpose reinsurer

|About: Everest Re Group Ltd. (RE)|By:, SA News Editor

Everest Re's (RE +0.2%) special purpose reinsurer, Mt. Logan Re secures additional funding, bringing its committed capacity to $370M, well ahead of the initial target of $250M.

Formed a year ago to provide collateralized capacity to the P&C reinsurance market, Mt. Logan Re's capacity - 85% of which comes from 3rd party investors - has been fully deployed.

Mt. Logan CEO Rick Pagnani: "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."