Everest to sell Canadian retail insurance operations to Wawanesa

Everest has signed a definitive agreement to sell its Canadian Retail Insurance operations, Everest Insurance Company of Canada, to The Wawanesa Mutual Insurance Company.

This transaction marks another step in Everest’s strategic repositioning and advances the company’s previously announced plan to exit its commercial retail Insurance operations, following the 2025 sale of its global retail commercial Insurance renewal rights to AIG. Everest Canada is the company’s largest remaining retail platform, and with this transaction, Everest is further sharpening its focus on its core reinsurance and global wholesale and specialty insurance businesses.

The transaction is anticipated to close in the second half of 2026, subject to customary regulatory approvals and closing conditions.

“This transaction represents a strong outcome for both organizations, our shareholders and our colleagues. The Canadian Retail team has built a high-quality, disciplined portfolio. This agreement enables us to realize compelling value and to transition our colleagues to a growth-oriented organization committed to expanding its commercial retail presence in the Canadian market. Consistent execution against our stated strategy remains a priority. This agreement further aligns our portfolio with our core underwriting strengths and supports our objective of generating sustainable, risk-adjusted returns over time.” – Jim Williamson, President and Chief Executive Officer of Everest.

“Everest has built a respected commercial business in Canada, powered by strong talent, deep specialty lines expertise, and a disciplined, entrepreneurial underwriting culture. We look forward to welcoming the Everest Canada team and investing in their proven model to further expand our ability to serve more Canadian businesses across an even broader range of industries.” – Evan Johnston, President and Chief Executive Officer of Wawanesa.