Everest Group has agreed to offload the renewal rights for its Global Retail Commercial Insurance business to American International Group (AIG).
The financial terms of the agreements have not been disclosed to the public.
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The transaction will see AIG gaining the rights to renew Everest’s US, UK, European and Asia-Pacific Commercial Retail businesses.
The renewal rights of these businesses amount to an estimated $2bn of aggregate gross premiums written.
Despite the sale, Everest will retain exposure to all liabilities and continue to administer claims with respect to its policies.
The transition of policy writing to AIG is scheduled to begin on 1 January 2026 for regions outside the EU.
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By GlobalDataAIG is expected to extend its policy writing to include Everest’s EU portfolios in the first quarter of 2026, pending regulatory approvals.
AIG CEO and chairman Peter Zaffino said: “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.”
With the transaction in place, Everest aims to concentrate on its core global Reinsurance business, along with its Global Wholesale and Specialty Insurance businesses.
As part of the reorganisation following these transactions, Everest has introduced a new operating structure for its insurance division, which will focus on its Global Wholesale and Specialty Insurance businesses.
This structure encompasses Everest Global Markets and Everest Evolution, as well as underwriting programmes, credit and political risk, surety, and accident and health business lines.
Jason Keen has been appointed CEO of Global Wholesale and Specialty Insurance to oversee these areas.
Everest CEO and president Jim Williamson stated: “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.
“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.”
In July, Everest appointed Mark Shaw as the chief commercial officer for its International Insurance operations.
