Everest Group is simultaneously shrinking its retail insurance footprint and scaling its capital management platform - and the launch of Annapurna Re Ltd., its first casualty reinsurance sidecar, is the clearest expression yet of where the firm's strategic centre of gravity now lies.
Annapurna Re targets $600 million in third-party capital over a three-year underwriting period. Stone Point Insurance Solutions serves as anchor investor and exclusive investment manager through Stone Point Credit, with Mubadala Investment Co. - a sovereign wealth fund of the Abu Dhabi government - as a strategic backer. The entity was registered in Bermuda in November 2025 and has now been licensed as a collateralized insurer. The capital raised will support Everest's global casualty and specialty reinsurance portfolios across the vehicle's underwriting period.
The Mubadala participation is notable. Gulf sovereign wealth capital has been a growing presence in property catastrophe ILS structures, but its appearance as a named strategic backer in a casualty-focused sidecar reflects an appetite for reinsurance exposure that extends beyond the peak peril lines that have historically dominated alternative capital flows.
Annapurna Re builds on Everest's Mt. Logan platform, which Everest reorganized in 2024 into a multi-vehicle capital management structure designed to give institutional investors access to Everest-originated reinsurance risks. Mt. Logan Re's third-party capital assets under management surpassed $2.5 billion as of January 1, 2026, with Everest recording its highest-ever dividend from the structure - $35 million - for full-year 2025.
The Annapurna launch arrives as Everest simultaneously returns to the catastrophe bond market, seeking at least $530 million of multi-peril North America retrocession through two new Kilimanjaro III Re series targeting three- and four-year tenures. The parallel pursuit of casualty sidecar capital and property cat retrocession through different instruments reflects a deliberate approach to managing different parts of the capital stack through structures suited to each risk type.
"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 CEO of Everest.
Jim Carey, co-CEO of Stone Point, said the sidecar reflects the firm's long history of investing in the insurance and reinsurance sector. "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," he said.
Stone Point recently raised $610.5 million in a first close for its Stone Point Insurance Solutions Fund. Annapurna Re is the latest in a series of casualty-focused structures the firm has backed: AmRisc's E&S property-focused Trouvaille Re, the casualty sidecar Fractal Re sponsored by Starwind Specialty Insurance Services, and the Monarch Point Re casualty vehicle in partnership with AXIS Capital.
Taken together, the portfolio reveals a firm systematically building alternative capital exposure across the casualty and specialty reinsurance market through multiple platform relationships simultaneously.
The Annapurna launch coincides with a series of divestitures that have progressively narrowed Everest's focus to reinsurance and global wholesale and specialty insurance. In May, Everest announced a definitive agreement to sell its Colombian insurance subsidiary to AIG, following prior sales of its global Commercial Retail Insurance renewal rights and its Canadian retail operations to AIG. The Colombia transaction is expected to close in early 2027, subject to regulatory approvals.
Reinsurance-dedicated capital increased 11% to a record $648 billion in 2025, according to Gallagher Re, with traditional capital at $513 billion and alternative capital at $135 billion. Everest is positioning itself to capture a larger share of that institutional appetite through dedicated vehicles rather than relying solely on its own balance sheet - while simultaneously reducing the retail exposures that dilute the returns profile it is trying to offer investors.
