A special purpose reinsurer run by Bermuda-based Everest Re has smashed its target funding of $250 million by $120 million.

Everest Re said its Mt Logan Re arm had secured additional funding — bringing its total capacity to $370 million.

Mt Logan Re CEO Rick Pagnani, said: “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.”

Dominic Addesso, Everest Re CEO and president, said: “Everest’s value proposition, with its leading market position, global diversified platform, long-term relationships and strong ratings attracted investors to Mt Logan Re as they sought to participate in the catastrophe reinsurance market.”

Mt Logan Re was formed early last year to provide collateralised capacity to the worldwide property catastrophe reinsurance market.

The firm’s capacity, of which 85 percent is derived from third party investors, was fully deployed by the start of this year.