Global insurer and reinsurer Everest Group has partnered with Stone Point Insurance Solutions to launch a new Bermuda-based casualty reinsurance sidecar called Annapurna Re Ltd., which is poised to deploy $600 million of third-party capital to support Everest’s casualty and specialty reinsurance portfolios.
Funds managed by Stone Point will serve as the inaugural, anchor investors in this multi-year sidecar vehicle, which has been launched to provide dedicated reinsurance capacity to support Everest’s portfolios over a three-year underwriting period.
Everest continues to expand its third-party capital capabilities, which includes its Mt. Logan platform, which is leveraged by investors seeking to share proportionately in an Everest-originated diversified portfolio of reinsurance risks.
The new Annapurna Re reinsurance sidecar brings together Everest’s underwriting expertise with Stone Point’s experience in insurance-focused investment strategies, with Stone Point Credit set to serve as the exclusive investment manager.
Jim Williamson, President and Chief Executive Officer of Everest, 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, commented: “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 Annapurna Re is well positioned to create value and deliver attractive outcomes for all stakeholders.”
See the Artemis Reinsurance sidecars page for details of this vehicle and many others.
