Mt Logan Re Ltd, Everest Re Group Ltd’s third party capital unit, has appointed market veteran Andrew J Sterge as a non-executive independent board director.

The company also announced the retirement of Dave Brining, who has served as a non-executive independent board director for Mt Logan since January 2015.

“On behalf of the Mt Logan management team, we are delighted to welcome Andy to our board of directors,” said John Modin, president of Mt Logan.

“His technical expertise, deep network and extensive leadership experience in reinsurance and capital markets bring a significant depth of perspective to our board.

“Andy will be a tremendous asset as we continue to optimise the platform’s value to both Everest and our Mt Logan investors.”

Mr Sterge has more than 35 years of experience in the financial services, institutional investment and insurance-linked securities markets.

Most recently, he was managing director of Context Insurance Strategies and prior to that, chairman of Bermudian-based AQR Re Ltd, the reinsurance unit of AQR Capital Management.

Earlier in his career, Mr Sterge served as director of research and, subsequently, as chairman and CEO at Cooper Neff & Associates.

Following Cooper Neff, he founded AJ Sterge Investment Strategies and continued to lead and maintain responsibility for the insurance-linked and reinsurance investment strategy following an acquisition by Magnetar.

Mr Sterge earned a Ph.D. in mathematics from Cornell University, and a bachelor of science degree in mathematics from Wake Forest University.

Mr Sterge said: “I am thrilled to join as an adviser to the Mt Logan board. Mt Logan has an excellent reputation as a top-performing third-party capital manager satisfying investor demand for both yield and diversification.

“I look forward to working with John and the broader management team on growing the platform with innovative, bespoke solutions that meet investors' objectives.”

Mr Modin added: “We want to thank Dave Brining, who is retiring after serving on Mt Logan’s board since its early days. His contributions have been instrumental to our development and success, and we wish Dave the best in his retirement.”

Mt Logan said it is a Bermuda registered collateralised 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 has approximately $900 million of assets under management as of December 31, 2021.