Everest launches $600m Annapurna Re sidecar with Stone Point backing
Everest has partnered with Stone Point Capital to launch Annapurna Re, a Bermuda-based casualty reinsurance sidecar expected to deploy approximately $600 million of third-party capital to support the company’s global casualty and specialty reinsurance portfolios.
Annapurna Re will provide dedicated reinsurance capacity over a three-year underwriting period. Funds managed by Stone Point will serve as inaugural anchor investors in the multi-year structure.
Everest said the transaction expands its access to third-party capital and supports its strategy of combining underwriting discipline with capital management flexibility. The company added that the sidecar will help it pursue growth opportunities across its casualty and specialty reinsurance businesses.
Annapurna builds on Everest’s existing third-party capital capabilities, including its Mt. Logan platform. The vehicle combines Everest’s underwriting knowledge with Stone Point’s insurance-focused investment capabilities, while Stone Point Credit will act as exclusive investment manager.
Jim Williamson (pictured), president and CEO of Everest Group, said: “Annapurna sharpens our edge in casualty reinsurance and supports our long-term strategy through underwriting excellence and disciplined capital management. Through our partnership with Stone Point, we are bringing additional high-quality capital to our platform in a scalable structure, enabling us to grow efficiently while enhancing our capital flexibility and positioning us to pursue the most attractive opportunities.”
Jim Carey, co-CEO of Stone Point, added: “Annapurna Re represents the latest example of Stone Point's long history of investing in the insurance and reinsurance industry. Over many years, we have built a substantial asset management business serving the industry's capital needs. By combining the complementary capabilities of Everest and Stone Point, with support from strategic investor Mubadala, we believe Annapurn Re is well positioned to create value and deliver attractive outcomes for all stakeholders.”
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