Bermudian-based Everest Group Ltd has announced the transformation of its alternative capital business into a multi-vehicle capital management platform through the launch of Mt Logan Capital Management Ltd.

Under the new structure, MLCM, which is now 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, offering leading institutional investors around the world a wide range of investment opportunities.

The company said institutional investors in structures sponsored by MLCM will benefit from Everest’s growing portfolio of diversified reinsurance risks, anchored by the company’s globally recognised underwriting discipline and expertise.

Additionally, 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, enhancing its financial strength, balance sheet, claims-paying capacity, and growth of its reinsurance business.

The new MLCM leadership team and board of directors include John Modin, chief executive officer, and Youssef Sfaif, president and chief operating officer.

Mr Modin said: “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.

“MLCM offers new-found flexibility to build upon Everest’s $1.5 billion in total third-party capital, and we welcome new partners interested in investing in the global reinsurance market.”

Jill Beggs, Reinsurance executive vice-president and chief operating officer, added: “Everest creates offerings that are both attractive to institutional investors and aligned to Everest’s world-class underwriting portfolio.

"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.”