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Everest CEO says underwriting logic will not change with sidecar capital
Everest said its Mt. Logan Capital Management AUM rose to $3.4 billion as of July 1, driven largely by the casualty reinsurance sidecar Annapurna Re.
Everest Group CEO Jim Williamson said the company does not change its underwriting logic based on the availability of third party capital, even as its Mt. Logan Capital Management platform has grown quickly.
According to Artemis, Everest reported that Mt. Logan Capital Management reached $3.4 billion in assets under management as of July 1, up 89% from the beginning of 2025. The insurer said the increase was driven largely by the launch of its casualty reinsurance sidecar Annapurna Re.
Speaking during Everest’s Q2 2026 earnings call, Williamson said Annapurna Re provides additional capacity that supports opportunistic growth, generates fee income, and enhances capital flexibility. He also described the process as requiring alignment between Everest’s appetite to cede business and capital partners’ appetite to provide capacity.
Artemis added that Everest’s CFO, Elias Habayeb, said the company expects roughly $200 million of premium per quarter to be directed to Annapurna Re over the next three years. Habayeb said the transaction is expected to be modestly accretive to underwriting income and ROE over time, while resulting in lower net investment income.