Everest Group has partnered with Stone Point Insurance Solutions to launch a Bermudian-based casualty reinsurance sidecar that is expected to provide about $600 million in third-party capital to support the company's global casualty and speciality business.

The new vehicle, Annapurna Re Ltd, will operate over a three-year underwriting period, with funds managed by Stone Point as the first anchor investors.

Jim Williamson, president and chief executive of Everest, said the arrangement would strengthen the company's casualty reinsurance franchise while supporting its long-term growth strategy.

“Annapurna sharpens our edge in casualty reinsurance and supports our long-term strategy through underwriting excellence and disciplined capital management,” he said.

“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.”

The transaction adds to Everest's growing use of third-party capital to support underwriting operations. The company already manages the Mt Logan platform, which provides alternative capital for reinsurance risks.

Stone Point, an investment firm with more than $80 billion in assets under management, said the sidecar is part of its longstanding commitment to the re/insurance sector.

Jim Carey, co-chief executive of Stone Point, said: “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.”

Everest said Annapurna would combine the company's underwriting expertise with Stone Point's insurance-focused investment capabilities. Stone Point Credit will serve as the vehicle's exclusive investment manager.

The launch builds on Everest's broader push into third-party capital management. In 2024, the company reorganised its Mt. Logan business into a multi-vehicle capital management platform designed to provide institutional investors with access to Everest-originated reinsurance risks.

The move comes as investor appetite for insurance-linked securities remains strong, according to industry research.