Bermuda-domiciled insurer and reinsurer Everest Group has entered into definitive agreements to sell the renewal rights for its U.S., U.K., European, and Asia Pacific Commercial Retail businesses to American International Group, Inc. (AIG), subject to regulatory approvals.
According to the re/insurer, these transactions aim to “sharpen Everest’s focus” on its core Global Reinsurance business and Global Wholesale and Specialty Insurance businesses, to achieve strong performance across market cycles.
Driven by these developments, Everest has established a new operating structure for its insurance division, focusing on its Global Wholesale and Specialty Insurance businesses, which Jason Keen will lead as Chief Executive Officer (CEO).
The established unit includes Everest Global Markets and Everest Evolution, as well as Underwriting Programs, Credit and Political Risk, Surety, and Accident & Health lines of business.
Everest hopes that the transactions bring a meaningful total value to the company, including significant capital, which will be released over time.
Under the terms of the deal with AIG, exposure to all liabilities will remain with Everest, which will also continue to administer claims with respect to its policies.
Terms of the agreements were not disclosed, except for the fact that in the European Union, AIG expects to commence writing policies for existing Everest clients on January 1st, 2026, subject to regulatory approvals.
AIG expects to expand this work to Everest’s European Union portfolios in the first quarter of 2026, subject to regulatory approvals.
Peter Zaffino, Chairman & CEO, AIG, commented, “We expect these renewal rights transactions to drive incremental growth in our general insurance portfolio, and we will be able to write these policies within our existing balance sheet with no incremental capital required. Jim Williamson, President and CEO of Everest Group, and the underwriting team at Everest have done a very good job repositioning Everest’s global retail insurance portfolio, and we see these portfolios as very additive to our business.
“We look forward to working closely with the Everest team to ensure a seamless transition for clients and brokers, while continuing to meet their needs with world-class solutions and exceptional service. AIG will continue to work with Everest Group as a key reinsurance partner.”
Jim Williamson, President and CEO, Everest, added, “Today’s strategic action results in a more focused, higher-performing Everest. The transactions offer clear opportunity to unlock long-term value for both Everest and AIG. Going forward, Everest will be optimally positioned to respond to evolving market needs while building on our track record of sustainable financial returns over the long term.
“The dynamic specialty market is full of opportunity. With Jason’s leadership and expertise, Everest Insurance is poised to capture new growth opportunities, while delivering tailored solutions and exceptional value to the market.”
AIG’s financial advisor was Evercore, while Willkie Farr & Gallagher LLP acted as legal counsel for AIG. Ardea Partners LP served as financial advisor, and Debevoise & Plimpton LLP acted as legal advisor for Everest.
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