Everest Group, a leader in reinsurance and specialty insurance, announced that it has entered into definitive agreements to sell the renewal rights of its Global Retail Commercial Insurance business to American International Group (AIG). The deal marks a pivotal move in Everest’s long-term strategy to focus on its core Global Reinsurance and Global Wholesale and Specialty Insurance operations.
Under the terms of the agreements, AIG will acquire renewal rights to Everest’s U.S., U.K., European, and Asia Pacific Commercial Retail businesses, representing an estimated $2 billion in aggregate gross written premiums. The deal is expected to generate substantial long-term value for Everest, including meaningful capital releases over time.
The sale supports Everest’s strategy to streamline operations and strengthen its focus on markets where it holds deep underwriting expertise and leadership potential. As part of the transition, Everest introduced a new operating structure within its insurance division, which will now concentrate exclusively on its Global Wholesale and Specialty Insurance businesses. This includes business lines such as Everest Global Markets, Everest Evolution™, Underwriting Programs, Credit and Political Risk, Surety, and Accident & Health.
In conjunction with the strategic sale, Jason Keen has been appointed CEO of Global Wholesale and Specialty Insurance. Keen will lead efforts to expand Everest’s market presence in the excess and surplus (E&S) market and strengthen its portfolio across specialty insurance segments.
The deal is subject to regulatory approvals and customary closing conditions.
Advisors/counsel: Ardea Partners served as exclusive financial advisor to Everest, while Debevoise & Plimpton acted as legal counsel. Evercore advised AIG, with Willkie Farr & Gallagher serving as its legal counsel.
KEY QUOTES:
“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, President and Chief Executive Officer, Everest Group
