EG · 10-Q · 2026Q3 · Full report

Sidecar Premium Cessions

EVEREST GROUP, LTD. · 2026-10-30 · Importance 62 · Surprise 58

Everest partnered with Stone Point Insurance Solutions to launch Annapurna Re, a Bermuda-based collateralized insurer and reinsurance sidecar, with Stone Point-managed funds as anchor investors. The structure segregates third-party-funded assets and liabilities from Everest’s general accounts. Reinsurance Treaty net written premiums declined 15.1% to $2.164 billion in the third quarter and 13.5% to $6.797 billion for the first nine months of 2026, with increased third-party cessions largely driven by Annapurna Re. Gross written premiums in Reinsurance Treaty fell 5.3% and 7.4% for those respective periods.

Key facts

• On June 17, 2026, Everest announced its partnership with Stone Point to sponsor the launch of Annapurna Re, a Bermuda-based collateralized insurer and reinsurance sidecar structured as a segregated accounts company. source
• Global Wholesale & Specialty net written premiums decreased 1.9% to $747 million for the three months ended September 30, 2026, from $761 million in 2025, due to additional outwards reinsurance purchased through Annapurna Re sidecar cessions. source
• Global Wholesale & Specialty net written premiums decreased 0.2% to $2.2 billion for the nine months ended September 30, 2026, due to additional outwards reinsurance purchased through Annapurna Re sidecar cessions. source
• Reinsurance Treaty net written premiums decreased 15.1% to $2.2 billion for the third quarter and 13.5% to $6.8 billion for the nine months ended September 30, 2026; increased third-party cessions, largely from Annapurna Re, drove the decreases. source
• Funds managed by Stone Point will serve as the inaugural anchor investors in the multi-year Annapurna Re vehicle. source
• Annapurna Re’s structure legally isolates third-party-investor-funded assets and liabilities from Everest’s general accounts. source