Everest to sell retail commercial insurance renewal rights to AIG
Specialty reinsurance and insurance company Everest has entered into definitive agreements to sell the renewal rights for its Global Retail Commercial Insurance business to AIG. The transactions sharpen Everest’s focus on its core global Reinsurance business as well as its Global Wholesale and Specialty Insurance businesses.
As part of these transactions, AIG will obtain all the rights to renew Everest’s U.S., U.K., European, and Asia Pacific Commercial Retail businesses. The renewal rights of these businesses total an estimated $2 billion of aggregate gross premiums written. The transactions will result in meaningful total value to Everest including significant capital which will be released over time. Other than in the European Union, AIG expects to commence writing policies for existing Everest clients on January 1, 2026.
Completion of the transactions will be subject to certain regulatory requirements.
As part of these transactions, Everest has introduced a new operating structure for its insurance division focused on its Global Wholesale and Specialty Insurance businesses. It aligns Everest’s expertise with the evolving needs of the market and includes Everest Global Markets and Everest Evolution, as well as Underwriting Programs, Credit and Political Risk, Surety, and Accident & Health business lines. Jason Keen has been appointed CEO of Global Wholesale and Specialty Insurance and will lead efforts to further strengthen Everest’s position in the excess and surplus market.
“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.” – Jim Williamson, Everest President and Chief Executive Officer.
“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.” – Peter Zaffino, Chairman & CEO, AIG.
