Everest Group reported a 95% jump in ceded property catastrophe written premiums to cells of its Mt.Logan Re Ltd.third-party capitalised sidecar-like structure in the first-quarter of 2025, as more excess-of-loss business was shared with the investors backing the Mt.

Logan Capital Management strategies.The global insurance and reinsurance player ceded $170 million of written property catastrophe premiums to Mt.Logan Re in Q1 2025, a 95% increase from the $87 million ceded to it in the prior year quarter.Ceded earned premiums were also much higher, at $125 million for Q1 2025, up from the $87 million ceded to the vehicle in the prior year.

As would be expected, Everest also ceded more in losses and loss adjustment expenses to Mt.Logan Re in Q1 this year, at $121 million, up from $38 million a year earlier.Within that, it is to be expected some losses from the major catastrophe event of the first-quarter of 2025, the California wildfires, will be included.

In line with the increasing premium pool ceded to third-party capital vehicle Mt.Logan Re, Everest has also reported that its reinsurance recoverable attributable to the structure increased again by March 31st this year.At the end of Q1 2025, total reinsurance recoverables reported by Everest that are attributable to Mt.

Logan Re collateralized segregated accounts had reached $482 million, which is now 13.6% of Everest Group’s total reinsurance recoverables for both paid and unpaid losses., $395 million, or 12.6% of Everest’s reinsurance recoverables were attributable to cells of Mt.Logan Re.

Mt.Logan Re continues to be the largest source of reinsurance recoverables that Everest has, demonstrating the importance of the third-party capital strategy to the firm.This is another key lever for the organisation in terms of how it utilises third-party capital and indicative of the continued and growing importance of the structure within the Everest Group.

Underscoring the continued expansion of the Mt.Logan Re third-party capital strategy, Everest noted more property catastrophe business being ceded in Q1.“The larger percentage decrease in net written premiums compared to the percentage decrease in gross written premiums was mainly due to higher cessions of the Company’s catastrophe excess of loss contracts to Mt.

Logan Re, Ltd.,” the company explained.Recall that, as we reported earlier this year, ..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.

Our can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.