Global insurance and reinsurance specialist Everest has continued to cede more in the way of premiums to its Mt.Logan Re third-party capital platform in the second-quarter, with the growth accelerating at an ever faster rate year-on-year.After the first-quarter, , the Everest Group owned and operated third-party investor capitalised reinsurance sidecar-like investment structure.In Q1 2024, Mt.
Logan Re received 64% more in ceded premium from its parent through the period.The second-quarter saw the rate of cessions accelerating, as Everest reports ceding 78% more in written premiums and 80% more in earned premiums to its third-party capital platform.Everest ceded $82 million in written premiums and $94 million in earned premiums to Mt.
Logan in Q2 2024, up from $46 million and $52 million respectively in the prior year period.For the first-half of 2024, the total written premium ceded to Mt.Logan reached $169 million, 70% up on H1 2023’s $99 million.
On an earned premium basis, the H1 cessions reached $180 million this year, some 84% higher than H1 2023’s $98 million.Encouragingly for the third-party investors backing Mt.Logan Re, the amount of losses and loss adjustment expenses ceded by Everest to the third-party capital platform are only slightly higher this year, at $64 million, which is only 21% higher than H1 2023’s $53 million.
The fact ceded written and earned premiums assumed by Mt.Logan Re are growing far faster suggests a good deal of profit was likely generated by the structures portfolios through the first-half of 2024.It’s perhaps noteworthy that the accelerating growth in premiums flowing to Mt.
Logan Re comes at a time Everest has looked to expand out its third-party capital activities and formalised them under a new insurance management vehicle., marking a transformation of its existing alternative capital and insurance-linked securities (ILS) investment offering into a multi-vehicle third-party reinsurance capital management platform.Supporting the expansion is the fact that Mt.
Logan Capital Management, Ltd.now counts a higher $1.5 billion in total third-party capital, across assets managed and serviced by the business..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.
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Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Health Insurance USA.
Publisher: Artemis
Publisher: Artemis
