Everest and Stone Point launch Annapurna Re casualty sidecar

Life Insurance International··Read original
3▲1 ▼0Impact / 5
Summary · why it matters

Everest Group and Stone Point Insurance Solutions have launched Annapurna Re, a Bermuda-domiciled casualty reinsurance sidecar. Stone Point-managed funds will serve as anchor investors in the multi-year structure, which is designed to deploy around $600 million in third-party capital across a three-year underwriting period, channeling dedicated reinsurance capacity into Everest's global casualty and specialty reinsurance portfolios. The new sidecar adds to Everest's existing third-party capital platform, which already includes the Mt. Logan platform, and pairs Everest's underwriting operations with Stone Point's investment expertise, with Stone Point Credit appointed as the vehicle's exclusive investment manager. The launch follows recent divestitures by Everest, including the agreed sale of its Colombian insurance unit to AIG and its Canadian retail insurance operation to Wawanesa Mutual Insurance Company.

Impact on assets 2

Climate Adaptation & Water▲ · 1 stocks
Everest Group Ltd
EG
▲ PositiveCapitalrelevance

Everest launches Annapurna Re sidecar, deploying ~$600M third-party capital into its casualty portfolio, expanding its capital platform.

Financials▲ · 1 stocks

Off-coverage companies 2

Stone Point CapitalPrivate▲ Positive
Capitalrelevance

Stone Point-managed funds anchor the sidecar and Stone Point Credit is investment manager, generating fee income and investment returns.

The Wawanesa Mutual Insurance CompanyPrivate± Mixed
relevance

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