Mt. Logan Re Ltd., the collateralized reinsurance sidecar-like and insurance-linked securities (ILS) vehicle operated by re/insurer Everest Re, has announced the hiring of experienced pension investor in ILS, the PGGM employee Youssef Sfaif, as its new COO.
As we reported back in April, Youssef Sfaif, a Director of Credit and Insurance Linked Investments at significant insurance-linked securities (ILS) sector pension investor PGGM, was set to depart the allocator to join an in-house ILS platform owned by a major reinsurer.
Now, Everest Re has announced that it is the reinsurance company with an in-house ILS platform that has made the hire, with Sfaif set to join as Chief Operating Officer, effective July 1st 2022.
The firm said that Sfaif joins its Mt. Logan Re unit at an important time in its growth and expansion and will report directly to John Modin, President of Mt. Logan Re, Ltd.
“We are thrilled to welcome Youssef to our Mt. Logan team as he will play a key role in Mt. Logan’s growth as we continue to expand our capital base and breadth of offerings,” explained John Modin, President of Mt. Logan Re, Ltd. “Youssef joins a deep bench of multi-disciplined leaders who are successfully steering the development of our innovative investment products and bespoke portfolios for our institutional investors around the world.”
As an employee at the largest and one of the most forward-thinking allocators in the ILS category, PGGM, Sfaif has had a significant role in the development of its approach to the ILS sector, since he joined the pension investor in 2017.
Sfaif has a background in insurance and reinsurance, having started his journey in the space on the actuarial side of the business, first for broker Marsh in Paris, before moving to the underwriting side at French reinsurer SCOR, where he developed a focus on alternative solutions.
In 2017, Sfaif made a move into the insurance-linked securities (ILS) investments space, joining Netherlands based pension investment specialist PGGM, now an asset manager with roughly $8.2 billion deployed into reinsurance and ILS.
His career with PGGM began as an Investment Manager focused on Credit and ILS investing, before Sfaif was promoted to Associate Director in early 2018 and was then promoted to the role of Director, Credit & Insurance Linked Investments in early 2020.
In joining Mt. Logan Re, Sfaif brings significant expertise on the structuring and investor-needs side that will benefit the manager as it seeks to grow.
Modin added, “Youssef is recognized for his innovative approach to the insurance linked securities sector, and his institutional investment background in this asset class is highly complementary to our business. He also brings a unique buyside perspective, which will provide an advantage as we grow operationally and continue to deepen relationships with leading asset managers, pensions, sovereign wealth funds, insurers and endowments.”
Mt. Logan Re also recently hired Greg McBride as Global Head of Marketing and Business Development and Clint Graham as Chief Underwriting Officer, so Sfaif continues a build-out and strengthening of the team there.