Everest & Stone Point Launch Annapurna Re
Everest Group, Ltd. announced that it has partnered with Stone Point Insurance Solutions to launch Annapurna Re Ltd., a Bermuda-based casualty reinsurance sidecar.
A spokesperson said, “Funds managed by Stone Point will serve as the inaugural, anchor investors in this multi-year vehicle.
“As part of the transaction, Annapurna is expected to deploy approximately $600 million of third-party capital, providing dedicated reinsurance capacity to support Everest’s global casualty and specialty reinsurance portfolios over a three-year underwriting period.”
“Annapurna sharpens our edge in casualty reinsurance and supports our long-term strategy through underwriting excellence and disciplined capital management,” said Jim Williamson, President and Chief Executive Officer of Everest. “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.”
“Annapurna Re represents the latest example of Stone Point’s long history of investing in the insurance and reinsurance industry,” said Jim Carey, Co-CEO of Stone Point. “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.”
The spokesperson said, “Annapurna builds on Everest’s established third-party capital capabilities, including its Mt. Logan platform. The vehicle combines Everest’s underwriting expertise with Stone Point’s experience in insurance-focused investment strategies. Stone Point Credit will serve as the exclusive investment manager.”
