Everest and Stone Point Announce the Launch of Casualty Sidecar Annapurna Re Ltd; Stone Point Serves as Anchor Investor in Multi-Year Vehicle

HAMILTON, Bermuda--(BUSINESS WIRE)--Everest Group, Ltd. (“Everest” or “the Company”) (NYSE: EG), a global specialty (re)insurance leader, today announced that it has partnered with Stone Point Insurance Solutions to launch Annapurna Re Ltd. (“Annapurna”), a Bermuda-based casualty reinsurance sidecar. Funds managed by Stone Point will serve as the inaugural, anchor investors in this multi-year vehicle.

As part of the transaction, Annapurna is expected to deploy approximately $600 million of third-party capital, providing dedicated reinsurance capacity to support Everest’s global casualty and specialty reinsurance portfolios over a three-year underwriting period.

“Annapurna sharpens our edge in casualty reinsurance and supports our long-term strategy through underwriting excellence and disciplined capital management,” said Jim Williamson, President and Chief Executive Officer of Everest. “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 represents the latest example of Stone Point's long history of investing in the insurance and reinsurance industry," said Jim Carey, Co-CEO of Stone Point. "Over many years, we have built a substantial asset management business serving the industry's capital needs. 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."

Annapurna builds on Everest’s established third-party capital capabilities, including its Mt. Logan platform. The vehicle combines Everest’s underwriting expertise with Stone Point’s experience in insurance-focused investment strategies. Stone Point Credit will serve as the exclusive investment manager.

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. Everest intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. Forward-looking statements reflect management’s current expectations based on assumptions we believe are reasonable but are not guarantees of performance. Actual results may differ materially from those contained in forward-looking statements made on behalf of the Company.

About Everest

Everest Group, Ltd. (Everest) is a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions that address customers’ most pressing challenges. Known for a 50-year track record of disciplined underwriting, capital and risk management, Everest, through its global operating affiliates, is committed to underwriting opportunity for colleagues, customers, shareholders, and communities worldwide.

Everest common stock (NYSE: EG) is a component of the S&P 500 index.

Additional information about Everest, our people, and our products can be found on our website at www.everestglobal.com.

About Stone Point

Stone Point is a leading investment firm with more than $80 billion in assets under management across private equity, credit and insurance solutions. Drawing on more than three decades of experience and sector specialization, the firm focuses on the financial services industry and related sectors. Stone Point invests in and partners with talented management teams primarily based in North America and Western Europe. In addition, our capital markets team supports the firm, portfolio companies and other clients by providing custom financing solutions. Stone Point is headquartered in Greenwich, Connecticut, with offices in New York and Palm Beach. For more information, please visit www.stonepoint.com.