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.
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The vehicle is designed to deploy around $600m in third-party capital across a three-year underwriting period, channelling dedicated reinsurance capacity into Everest’s global casualty and specialty reinsurance portfolios.
Everest president and CEO Jim Williamson said: “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.”
Annapurna Re adds to Everest’s existing third-party capital platform, which already encompasses the Mt. Logan platform.
The new sidecar pairs Everest’s underwriting operations with Stone Point’s investment expertise in the insurance sector, with Stone Point Credit appointed as the vehicle’s exclusive investment manager.
Everest Group operates as a global provider of property, casualty and specialty reinsurance and insurance products through its operating affiliates. Stone Point is an investment firm focused on the global financial services industry.
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 and deliver attractive outcomes for all stakeholders.”
The launch follows recent divestiture activity at Everest Group.
Last month, the company agreed to sell its Colombian insurance unit, Everest Compañía de Seguros Generales Colombia, to American International Group (AIG), a deal that will transfer the full equity of Everest Colombia — including its operations, staff and insurance portfolio — to AIG subsidiaries upon completion.
AIG has said that the acquisition will strengthen its presence in Latin America.
In March, Everest Group separately entered into a definitive agreement to sell its Canadian retail insurance operation, Everest Insurance Company of Canada, to Wawanesa Mutual Insurance Company.
