Another Bermuda reinsurer is venturing into the third-party capital asset management arena by launching a sidecar reinsurance vehicle.Everest Re has launched Mt Logan Re, a Bermuda domiciled vehicle aimed at attracting investor capital and putting it to use underwriting collateralised reinsurance business.Everest Re will provide initial funding of $50 million to Mt Logan Re, with additional funding secured from third party investors in order to reach a target launch capacity of $250 million.“We are pleased to have Rick Pagnani join us as the chief executive of this new venture. Rick brings a wealth of experience and is well known within the Bermuda reinsurance community,” said Everest chairman and chief executive Joe Taranto. “Having successfully led prior reinsurance ventures, we are fortunate to have an executive of his calibre join us to launch this new operation.“For Everest, this vehicle adds yet another tool to our underwriting arsenal that allows us to meet the dynamic demands of the reinsurance marketplace and enhance the returns of our investors,” he added.Everest Re is just the latest on the long list of reinsurers capitalising on the strong interest to raise capital it can put to work underwriting more catastrophe risk business, splitting the premiums they earn with investors.Over the past 18 months, more and more reinsurers have been getting into the collateralised reinsurance market launching both funds and sidecars and the trend is continuing into 2013. Recent sidecar and start-up launches include Lancashire’s launch of Saltire Re and Alterra increasing capitalisation toward the end of last year of New Point V, RenaissanceRe launching Upsilon Re at the start of the year and Argo launching Harambee Re, and Validus announcing its latest AlphaCat 2013 just last week.