Everest and Stone Point launch Annapurna Re casualty sidecar
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Summary
Everest Group and Stone Point Insurance Solutions launched Annapurna Re, a Bermuda-domiciled casualty reinsurance sidecar designed to deploy approximately $600 million in third-party capital over a three-year underwriting period, with Stone Point-managed funds serving as anchor investors and Stone Point Credit appointed as exclusive investment manager.
Market Impact
The sidecar structure allows Everest to scale its casualty and specialty reinsurance capacity without directly diluting shareholders, using third-party capital to absorb underwriting risk while Everest retains the management franchise. Mubadala Investment Company is disclosed as a strategic investor. The launch adds to Everest's existing third-party capital platform, Mt. Logan, expanding the range of capital solutions available alongside the balance sheet. This analysis is informational and avoids any directional trading claims.
Why It Matters
It illustrates the continued expansion of insurance-linked capital vehicles as reinsurers use structured sidecars to access institutional and sovereign wealth capital for casualty risks that have historically been harder to securitize than property catastrophe.
Key Points
- Everest Group and Stone Point Insurance Solutions launched Annapurna Re, a Bermuda-based casualty reinsurance sidecar targeting $600 million in third-party capital over three years.
- Stone Point-managed funds are anchor investors; Stone Point Credit is the vehicle's exclusive investment manager, with Mubadala Investment Company as a strategic investor.
- Annapurna Re channels dedicated capacity into Everest's global casualty and specialty reinsurance portfolios, complementing its existing Mt. Logan third-party capital platform.
- The launch follows Everest's divestiture of its Colombian insurance unit to AIG and its Canadian retail insurance operation to Wawanesa Mutual Insurance Company, representing a portfolio restructuring toward its core reinsurance franchise.
Key Entities
Evidence
Everest Group and Stone Point Insurance Solutions have established Annapurna Re, a Bermuda-domiciled casualty reinsurance sidecar. Stone Point-managed funds will serve as anchor investors in the multi-year structure....Supports: Supports the sidecar structure and size.
Stone Point co-CEO Jim Carey added: '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 an...Supports: Supports Mubadala as strategic investor.
Annapurna Re adds to Everest's existing third-party capital platform, which already encompasses the Mt. Logan platform.Supports: Supports the expansion of the existing capital platform.