PGGM, the Dutch pension investment manager has allocated $200 million to a new quota share structure named Scenery Re on behalf of its end-client the Dutch pension PFZW, with the vehicle managed by Everest specialist unit Mt. Logan Capital Management, Ltd. (MLCM).
It had been registered in June 2024, on the same date that Mt. Logan Capital Management Ltd. was registered as an insurance manager by the Bermuda Monetary Authority (BMA).
As we had reported, Mt. Logan Capital Management, Ltd. was established as a Bermuda-based insurance manager, licensed by the Bermuda Monetary Authority (BMA), by Everest Group which at the time the re/insurer said marked the transformation of its existing alternative capital and insurance-linked securities (ILS) investment offering into a multi-vehicle third-party reinsurance capital management platform.
Now, it transpires that Scenery Re Ltd. is a new reinsurance investment vehicle established for Mt. Logan Capital Management to utilise for its investor clients, and an allocation has been made to it by pension manager PGGM, that company confirmed to Artemis.
The Scenery Re arrangement is a quota share of Everest business, so akin to a kind of collateralized reinsurance sidecar we assume.
PFZW is now the owner of US $200 million in shares of the Scenery Re vehicle, through the investment made by PGGM on its behalf. It’s not clear at this time whether the Scenery Re vehicle is solely for the use of the Dutch investor.
It’s the latest aligned investment partnership from the Dutch pension giants, who together command what is definitely the largest and perhaps also the most broadly diversified portfolio of insurance-linked securities (ILS) and reinsurance investments in the marketplace.
Everest Group, through Mt. Logan Capital Management, is the latest investment partnership with a significant company that is one of the leaders in the reinsurance industry for PGGM / PFZW, adding to partnerships with the likes of AXA XL, Munich Re, PartnerRe, RenaissanceRe, SCOR, and Swiss Re, as well as a raft of specialist dedicated ILS managers and structures established solely for these investors use such as Vermeer Re and Nightingale Re.
As we reported earlier this week, a change had been made to the allocation target for the PGGM / PFZW investment with Munich Re via the Leo Re private sidecar structure.
Now, the investors have added another of the world’s leading re/insurance companies to their roster of reinsurance investment partners, in Everest and its Mt. Logan Capital Management unit.
PGGM, on behalf of PFZW, remains the largest single investor listed in our directory of pension funds and sovereign wealth funds investing in ILS and reinsurance.
