Global insurer and reinsurer Everest Group has launched a new casualty reinsurance sidecar in Bermuda called Annapurna Re Ltd., in partnership with Stone Point Insurance Solutions, as the company prepares to deploy $600 million in third-party capital to support Everest’s casualty and specialty reinsurance portfolio.
Funds managed by Stone Point will be the first major investors in the multi-year sidecar vehicle, which was launched to provide dedicated reinsurance capacity to support Everest’s portfolio over a three-year underwriting period.
Everest continues to expand its third-party capital capabilities, including the Mt. Logan platform, which investors seeking a proportionate share of Everest’s diversified reinsurance risk portfolio can leverage.
The new Annapurna Re reinsurance sidecar combines Everest’s underwriting expertise with Stone Point’s experience in insurance-focused investment strategies, while Stone Point Credit will serve as the exclusive investment manager.
Jim Williamson, president and chief executive officer of Everest, said: “Annapurna enhances our strength in casualty reinsurance and supports our long-term strategy through underwriting excellence and disciplined capital management. By partnering with Stone Point, we are bringing more high-quality capital to our platform in a scalable structure that allows us to grow efficiently while enhancing our capital flexibility and enabling us to pursue the most attractive opportunities.”
Jim Carey, co-chief executive of Stone Point, commented: “Annapurna Re represents the latest example of Stone Point’s long-term investment in the insurance and reinsurance industry. Over the years, we have built a substantial asset management business that meets the capital needs of the industry. By combining the complementary capabilities of Everest and Stone Point, and with the support of strategic investor Mubadala, we believe Annapurna Re is well-positioned to create value for all stakeholders and deliver attractive results.”
For more information on this and many other vehicles, see the Artemis Reinsurance sidecars page.
