Bermuda-based re/insurer Everest Re Group Ltd has appointed John Modin as president of Mt. Logan Re Ltd.

The appointment is effective September 30.

The company said Mr Modin joins Mt. Logan from Citigroup where he was a managing director in the financial services group and head of Insurance Solutions.

He has more than 30 years of experience in the financial services, insurance-linked securities and insurance markets and earlier in his career was the chief financial officer of Bermuda-based PXRE and Enterprise Re from 1997 until 2006, after starting his career as a CPA at KPMG.

Everest said Mr Modin succeeds David Whiting, current president of Mt. Logan, who is retiring after a career in the Bermuda reinsurance market spanning nearly 45 years. Mr Whiting will remain with Mt. Logan until the end of 2021 to assist Mr Modin with the transition.

Juan C. Andrade, president and chief executive officer of Everest, said: “We welcome John Modin to Everest and Mt. Logan Re. Everest has built an excellent ILS capital management business with Mt. Logan Re.

“John’s leadership will be critical as we continue to expand our risk financing and partner with investors to offer high quality and diversifying returns. He has great experience, knowledge, and network in the world of reinsurance capital markets and has worked extensively with Everest for many years as a trusted adviser.”

Mr Modin said: “I am very excited by the opportunity to join Mt. Logan and Everest. The transformation at Everest under Juan Andrade’s leadership is well under way and the potential for Mt. Logan is outstanding.

“Everest has a leading global reinsurance franchise and unparalleled access to business for our current and future capital partners.

“I look forward to working with my new colleagues at Mt. Logan and across Everest as we accelerate the scale and value of Mt. Logan.”

Everest said Mt. Logan is a Bermuda registered Class 3 insurer which offers alternative capital markets the opportunity to gain exposure to a diversified pool of reinsurance risks through collateralised reinsurance products. Mt. Logan has been in operation since 2013 and had approximately $1 billion of assets under management as of June 30.

Everest Re Group, Ltd said it is a leading global provider of reinsurance and insurance, operating for close to 50 years through subsidiaries in the United States, Europe, Singapore, Canada, Bermuda, and other territories.

It offers property, casualty, and specialty products through its various operating affiliates located in key markets around the world.

Everest common stock (NYSE: RE) is a component of the S&P 500 index.