2024Year in Review

Stone Point had a strong year across both our private equity and private credit platforms. We made five new investments out of our ninth private equity fund, Trident IX, which has $9 billion in total commitments¹. In addition, we have continued to grow and diversify our credit business, which has reached more than $10 billion of assets under management². Stone Point Capital Markets, our full-service capital markets platform with dedicated capabilities in structuring, arranging, underwriting and distributing, also continues to scale³. We believe that our differentiated origination and value-add capabilities, along with our financial services specialization, have enabled us to consistently grow and create value for our portfolio companies over the last 30+ years.

185+

Total
Employees

105+

Investment
Professionals

23+

Years Average Tenure of
Investment Committees⁴

Private Equity Activity

We remain focused on pursuing strategic partnerships with best-in-class management teams and are pleased with our performance across the financial services landscape and our 75+ subsectors. In 2024, in addition to committing $2.8 billion to five new investments, we also raised $4.4 billion of co-invest alongside these deals from limited partners¹. During the year, the unrealized value of our portfolio increased by approximately $5.2 billion⁵.

We also achieved record-high distributions in 2024, returning $8.5 billion⁶ to investors through a combination of full and partial exits and debt recapitalizations. In light of the uncertain macroeconomic environment, we are pleased with our steady distribution pace, having returned an average of $4.2 billion annually over the last five years⁶.

We enter 2025 with enthusiasm, as we continue to execute on our multi-year, outbound sourcing process, positioning ourselves as the partner of choice for leading businesses in each of our target areas.

Commitments¹

~$2.8B

Committed

New Commitments

~$4.4B

LP Co-invest Raised

~100

Add-Ons

Distributions⁶

~$8.5B

Returned

Full Exits

Partial Exits

Pending Exits

Capital Markets

~$54B

Debt Raised

Transactions

Recaps

2024 New Private Equity Commitments¹

A leading specialty insurance broker and program manager providing P&C insurance coverage and employee benefits services to clients across the U.S.

2^nd largest private insurance broker outside the U.S.⁷, with scaled operations in the U.K., Ireland, Portugal, Brazil and Australia

A leading independent pure-play wholesale insurance brokerage and MGA platform (formerly known as TIH)⁸

A leading wealth management platform providing financial advice to clients as well as essential business infrastructure to financial advisors

A leading global provider of claims management, loss adjusting and technology‑enabled business solutions serving large employers and insurance carriers

Credit Activity

2024 was an exciting year for Stone Point Credit. With strong momentum in capital raising and deployment, our credit platform surpassed $10 billion of assets under management².

Our range of investment strategies - opportunistic credit, direct lending and liquid credit - continue to position us well in an evolving market environment. In 2024, we deployed more than $4 billion of capital in opportunities ranging from first lien financings to structured credit, ABL and junior capital transactions. We continue to focus on leveraging the firm's extensive network and real-time insights to originate transactions within our targeted sectors.

investments

$10B+

Assets Under Management²

$4B+

Capital Deployed in 2024⁹

45+

Credit Team Members¹⁰

2024 Representative Credit Transactions¹¹

Provider of “Office of the CFO” services to private equity firms and their portfolio companies

Distributor of compulsory, non‑standard auto and other insurance policies via a captive agency model and franchise agency model

Leading capital markets software platform, providing mission-critical solutions for multi‑asset class execution, distribution and analytics to brokers, institutional banks and liquidity providers

Network of independent insurance agents throughout the United States, operating in the property & casualty and life insurance sectors

Other 2024 Highlights

Stone Point Credit and Stone Point Insurance Solutions Partner with Starwind Specialty Insurance to Launch Fractal Re

Stone Point Credit and Stone Point Insurance Solutions partnered with Starwind Specialty Insurance, LLC (“Starwind”), a subsidiary of CRC Group, to launch Fractal Re Ltd. (“Fractal Re”), a newly created collateralized reinsurer. The launch was accompanied by a capital raise of $270 million of equity, with participation from leading institutional and industry investors, including Nationwide, Enstar Group, the CRC investor group and the Starwind management team. Fractal Re will participate in a diversified portfolio of casualty and specialty risks underwritten by Starwind, a leading casualty MGA platform. Stone Point Credit is serving as Fractal Re's investment manager and expects to invest in a diversified portfolio of credit strategies. The multi-year reinsurance agreement became effective October 1, 2024.

Stone Point Credit Raises its Second Opportunities Fund

Stone Point Credit is pleased to announce that it held the final close for its second opportunistic credit fund, SPC Opportunities Fund II, with $555 million of total commitments. Consistent with the prior fund, SPC Opportunities Fund II targets proprietary investments across the capital structure, ranging from senior secured debt to structured equity investments. We appreciate the support of our limited partners as we continue our strategy of providing flexible capital solutions to businesses within the financial services and related sectors.

Stone Point Held Two Summits

In January and April 2024, respectively, Stone Point held Chief Information / Technology Officer and Chief Compliance Officer Summits, bringing together executives with technology and compliance oversight roles to network and share insights with one another. In June, we also held a Health & Benefits session virtually with the Chief Human Resources Officers of our portfolio companies to exchange ideas. We look forward to continuing our Summit Series in 2025 and expanding on the symposiums we have held over the past 10+ years, gathering others in our network to discuss relevant topics of interest.

Corporate Citizenship Update

Corporate Citizenship Continues to be a Focus of Stone Point

Corporate citizenship continues to be a focus of Stone Point. In 2024, Stone Point supported 25 organizations that promote racial equity, social justice and health & welfare through education and other initiatives, as well as various other charitable causes. In addition, Stone Point employees have continued to partner with several organizations to provide mentoring and other volunteer services.

For more information on our private equity or credit strategies,

please contact IR@stonepoint.com or SPCreditIR@stonepoint.com, respectively.

Endnotes

Includes Ardonagh and Kestra, two deals which had signed and not closed as of December 31, 2024. Also includes CRC Group (formerly TIH), which was a follow-on investment completed in May 2024. Our initial investment in CRC Group was made in April 2023.
Represents PRELIMINARY pro forma AUM as of December 31, 2024, including recently closed capital commitments through February 2025. AUM is calculated using total assets plus unfunded capital commitments. For certain accounts, a portion of unfunded capital commitments may not be drawn until 2025 or 2026.
Stone Point Capital Markets (“SPCM”) incorporates a broker-dealer, SPC Capital Markets LLC, which is a registered broker-dealer with the SEC, and a member of FINRA and SIPC, and has a dedicated team with capabilities to originate, structure, arrange, underwrite and distribute a wide array of capital solutions, including structured products. SPCM also incorporates SPC Financing Company LLC, a financing company involved in arranging or originating loans for portfolio companies and/or sponsors. Certain of our employees are dual employees of Stone Point Capital LLC and SPC Capital Markets LLC.
Reflects both the Trident and Credit Investment Committees. Trident and Credit IC tenures include years worked at Stone Point's predecessor, MMC Capital. Credit IC tenure also includes years worked at Stone Point Capital prior to the launch of Stone Point Credit.
Change in portfolio value reflects 2024 carrying value less 2023 carrying value plus distributions during 2024 less investments in 2024.
Past distributions are not indicative of our ability to deliver similar distributions in the future. Excludes expected proceeds from exits that were pending as of December 31, 2024.
Based on 2023 total revenue (rankings by A.M. Best).
Represents a follow-on investment completed in May 2024. Our initial investment in TIH was made in April 2023.
Represents total 2024 investment commitments.
Includes one professional whose focus is shared across Stone Point Credit and Stone Point Capital.
The select investments presented were selected based on the four largest, private first lien investments that were led or co-led by Stone Point Credit during 2024. Such investments are being provided solely for the purpose of illustrating examples that are consistent with the investment strategy and targeted sectors of Stone Point Credit. The information shown on this page should not be used as a basis for investment decisions nor should it be considered an indication of the performance of Stone Point Credit's portfolio. A full list of investments is available upon request.

Disclaimer

The information contained herein is as of December 31, 2024, unless otherwise noted. The information and its contents are the property of Stone Point Capital LLC, Stone Point Credit Adviser LLC and Stone Point Credit Income Adviser LLC (together, “Stone Point”). Any unauthorized dissemination, copying or use of this Year in Review is strictly prohibited and may be in violation of law.

The information contained herein is not an offer to sell or a solicitation of an offer to purchase an interest in any entity or investment vehicle. Any such offer or solicitation will only be made through formal offering materials.

Past performance is not indicative or a guarantee of future performance.

Stone Point does not provide legal, accounting or tax advice. Any statement regarding such matters is explanatory and may not be relied upon as definitive advice. All investors are advised to consult with their legal, accounting and tax advisers regarding any potential investment.