Everest and Stone Point launch $600 million casualty re sidecar

Everest and Stone Point Insurance Solutions have launched Annapurna Re, a Bermuda-based casualty reinsurance sidecar backed by approximately $600 million in third-party capital.

Funds managed by Stone Point will serve as the anchor investors in the multi-year vehicle, which will provide dedicated reinsurance capacity to support Everest’s global casualty and specialty reinsurance portfolios over a three-year underwriting period.

According to Everest, the structure is designed to expand its access to third-party capital while improving capital flexibility and supporting growth in casualty reinsurance.

“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 Williamson, President and Chief Executive Officer of Everest.

Annapurna expands Everest’s third-party capital capabilities, which already include its Mt. Logan platform, and combines Everest’s underwriting operations with Stone Point’s insurance-focused investment expertise.

Stone Point Credit will serve as the exclusive investment manager.