Everest Group, a global provider of reinsurance and insurance products, has partnered with Stone Point Insurance Solutions to establish Annapurna Re, a new Bermuda-domiciled casualty reinsurance sidecar. The venture is structured to deploy approximately $600 million in third-party capital over a three-year underwriting period.
Strategic Capital Deployment
The sidecar is designed to channel dedicated reinsurance capacity specifically into Everest’s global casualty and specialty reinsurance portfolios. By utilizing a multi-year structure, the firms aim to enhance Everest’s capital flexibility, allowing the company to pursue market opportunities with greater efficiency.
Jim Williamson, president and CEO of Everest Group, noted that the partnership supports the company’s long-term strategy through disciplined capital management and underwriting. “Through our partnership with Stone Point, we are bringing additional high-quality capital to our platform in a scalable structure,” Williamson said.
Partnership Dynamics
The collaboration leverages the distinct strengths of both organizations. While Everest provides its established underwriting operations, Stone Point Credit has been appointed as the vehicle’s exclusive investment manager. Stone Point-managed funds will serve as the anchor investors for the platform. Jim Carey, co-CEO of Stone Point, highlighted the role of strategic investor Mubadala in supporting the launch, noting that the combination of capabilities is intended to deliver value for all stakeholders.
Annapurna Re serves as an expansion of Everest’s existing third-party capital initiatives, joining the company’s established Mt. Logan platform.
Contextual Shifts in Everest Operations
The launch of Annapurna Re follows a period of portfolio optimization for Everest Group. The company has recently engaged in strategic divestitures to refine its global footprint:
- Colombia: Last month, Everest agreed to sell its Colombian insurance unit, Everest Compañía de Seguros Generales Colombia, to American International Group (AIG).
- Canada: In March, the company entered a definitive agreement to sell its Canadian retail insurance operation, Everest Insurance Company of Canada, to Wawanesa Mutual Insurance Company.
These divestitures suggest a broader effort by the group to realign its operational focus while simultaneously expanding its reinsurance capacity through structured vehicles like Annapurna Re.
