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Everest Appoints John Modin as President of Mt. Logan Re
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
Everest Re Group, Ltd. (NYSE:RE) has appointed John Modin as the new President of Mt. Logan Re, Ltd., effective September 30, 2021. Mr. Modin brings over 30 years of financial services and insurance experience, having previously served at Citigroup. He succeeds David Whiting, who retires after 45 years in the reinsurance market but will assist in the transition. Juan C. Andrade, President & CEO of Everest, emphasized Modin's critical role in expanding their risk financing capabilities. Mt. Logan, operational since 2013, manages approximately $1 billion in assets.
Positive
John Modin brings over 30 years of experience in financial services and insurance markets, which may enhance Mt. Logan's strategic direction.
The transition of leadership from David Whiting to John Modin is expected to strengthen Mt. Logan's operations and investor partnerships.
Negative
David Whiting's retirement could raise concerns regarding continuity and the experience gap in leadership.
HAMILTON, Bermuda--(BUSINESS WIRE)--
Everest Re Group, Ltd. (“Everest” or the “Company”) announced today the appointment of John Modin as President of Mt. Logan Re, Ltd. (“Mt. Logan”), effective September 30, 2021.
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 over 30 years of experience in the financial services, Insurance Linked Securities (“ILS”) and insurance markets and earlier in his career was the Chief Financial Officer of PXRE and Enterprise Re, after starting his career as a CPA at KPMG. Mr. Modin succeeds David Whiting, current President of Mt. Logan, who is retiring after a remarkable 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, Everest President & CEO commented on the appointment: “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 advisor.”
“I am very excited by the opportunity to join Mt. Logan and Everest,” said Mr. Modin. The transformation at Everest under Juan Andrade’s leadership is well underway 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.”
About Mt. Logan Re, Ltd. And Everest Re Group, Ltd.
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 collateralized reinsurance products. Mt. Logan has been in operation since 2013 and had approximately $1 billion of assets under management as of June 30, 2021.
About Everest Re Group, Ltd.
Everest Re Group, Ltd. (“Everest”) is a leading global provider of reinsurance and insurance, operating for close to 50 years through subsidiaries in the U.S., Europe, Singapore, Canada, Bermuda, and other territories.
Everest 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.
Additional information about Everest, our people, and our products can be found on our website at www.everestre.com. All issuing companies may not do business in all jurisdictions.
