PGGM, the Dutch pension funding supervisor has allotted $200 million to a brand new quota share construction named Surroundings Re on behalf of its end-client the Dutch pension PFZW, with the car managed by Everest specialist unit Mt. Logan Capital Administration, Ltd. (MLCM).
Surroundings Re Ltd. is a Bermuda domiciled firm registered as a restricted particular function insurer (SPI).
It had been registered in June 2024, on the identical date that Mt. Logan Capital Administration Ltd. was registered as an insurance coverage supervisor by the Bermuda Financial Authority (BMA).
As we had reported, Mt. Logan Capital Administration, Ltd. was established as a Bermuda-based insurance coverage supervisor, licensed by the Bermuda Financial Authority (BMA), by Everest Group which on the time the re/insurer mentioned marked the transformation of its present different capital and insurance-linked securities (ILS) funding providing right into a multi-vehicle third-party reinsurance capital administration platform.
Now, it transpires that Surroundings Re Ltd. is a brand new reinsurance funding car established for Mt. Logan Capital Administration to utilise for its investor purchasers, and an allocation has been made to it by pension supervisor PGGM, that firm confirmed to Artemis.
The Surroundings Re association is a quota share of Everest enterprise, so akin to a form of collateralized reinsurance sidecar we assume.
PFZW is now the proprietor of US $200 million in shares of the Surroundings Re car, by the funding made by PGGM on its behalf. It’s not clear presently whether or not the Surroundings Re car is solely for using the Dutch investor.
It’s the most recent aligned funding partnership from the Dutch pension giants, who collectively command what is certainly the biggest and maybe additionally probably the most broadly diversified portfolio of insurance-linked securities (ILS) and reinsurance investments within the market.
Everest Group, by Mt. Logan Capital Administration, is the most recent funding partnership with a major firm that is likely one of the leaders within the reinsurance trade for PGGM / PFZW, including to partnerships with the likes of AXA XL, Munich Re, PartnerRe, RenaissanceRe, SCOR, and Swiss Re, in addition to a raft of specialist devoted ILS managers and constructions established solely for these buyers use equivalent to Vermeer Re and Nightingale Re.
As we reported earlier this week, a change had been made to the allocation goal for the PGGM / PFZW funding with Munich Re through the Leo Re non-public sidecar construction.
Now, the buyers have added one other of the world’s main re/insurance coverage corporations to their roster of reinsurance funding companions, in Everest and its Mt. Logan Capital Administration unit.
PGGM, on behalf of PFZW, stays the biggest single investor listed in our directory of pension funds and sovereign wealth funds investing in ILS and reinsurance.
