American International Group (AIG) has signed a deal to purchase Everest Compañía de Seguros Generales Colombia, Everest Group’s insurance business in Colombia.
The move will expand AIG’s footprint in Latin America.
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Once the deal is completed, AIG subsidiaries will take over the whole equity of Everest Colombia, along with its authorised operations, staff and existing insurance portfolio.
AIG General Insurance CEO and executive vice-president Jon Hancock said: “This acquisition reinforces AIG’s commitment to our Latin America business and will enable us to accelerate our growth in one of the largest and fastest-growing insurance markets in the region.
“With this acquisition, we are gaining a highly experienced team whose talent and deep understanding of the local market will strengthen our capabilities. Everest Colombia’s focus on corporate and upper-middle-market clients aligns with AIG’s commitment to expand our commercial insurance offerings to clients and brokers across the Latin America region.”
AIG and Everest said they will work together to provide an orderly handover for clients, brokers and employees.
The acquisition is scheduled for completion in early 2027, subject to regulatory clearance and standard closing requirements.
The deal follows Everest’s previously announced transfer of global commercial retail insurance renewal rights to AIG and the sale of its Canada Retail Insurance business.
It represents a further step in the company’s plan to concentrate its portfolio on core Global Reinsurance and Wholesale and Specialty Insurance operations.
Everest CEO and president Jim Williamson said: “This agreement reflects our continued progress in executing our strategy and positioning Everest for sustained, long-term performance.
“It pairs a high-quality business with an owner well positioned to support its next phase of growth, while enabling us to strengthen leadership in the markets and capabilities where we have the strongest competitive advantage.”
Earlier this month, AIG disposed around 25 million Corebridge Financial common shares, ending its remaining investment in the insurer.
The share sale was completed on 7 May and is expected to deliver around $710m in net proceeds to AIG.
