Everest Re

The final couple of months of 2018 brought further pain for sidecar investors.

Rick Pagnani was most recently CEO of Everest Re’s Mt Logan vehicle.

The company has already started the search for his successor.

Quota share and aggregate retro remain the most disrupted pockets of the market ahead of the January renewals, as underlying reinsurance looks flatter.

The Everest Re sidecar will have less capacity in 2019, the reinsurer has told brokers.

Third-quarter catastrophe losses resulted in a 1.8 percent to 5.2 percent hit to the shareholder equity of global reinsurers, with major catastrophe writers all impacted.

The firm warned that it expected continuing industry adverse development into 2019.

The insurer’s Irma losses have risen by a further 25 percent to $754mn.

Continuing cat losses and dislocation at Lloyd’s should support reinsurance renewal rates, the reinsurer suggested.

The deal also brings RenRe one of the largest fronting providers.

The firm’s Mt Logan sidecar posted assets of $1.2bn, up from $1.1bn three months earlier.

The Everest Re sidecar’s Q2 claims burden was up by more than 400 percent year on year.