Everest Group has entered into a definitive agreement to sell its Canadian retail insurance business, Everest Insurance Company of Canada (Everest Canada), to the Wawanesa Mutual Insurance Company (Wawanesa).
Financial terms of the deal were not disclosed.
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The proposed disposal is part of Everest’s stated shift away from its commercial retail insurance activities.
The company previously outlined plans to exit this area, including a 2025 deal to transfer renewal rights for its global retail commercial insurance business to American International Group (AIG).
That deal covered its commercial retail operations in the US, UK, Europe and Asia-Pacific.
Everest Canada is described as Everest’s largest remaining retail platform.
Following the agreement with Wawanesa, Everest said it will further concentrate on its core reinsurance operations, alongside its global wholesale and specialty insurance businesses.
Everest president and CEO Jim Williamson said: “This transaction represents a strong outcome for both organisations, our shareholders and our colleagues. The Canadian Retail team has built a high-quality, disciplined portfolio.
“This agreement enables us to realise compelling value and to transition our colleagues to a growth-oriented organisation committed to expanding its commercial retail presence in the Canadian market.”
Wawanesa said the deal will strengthen its position in the Canadian market. Everest Canada’s portfolio includes specialty commercial products spanning accident and health, aviation, cyber, marine, professional liability, and property and casualty cover for larger businesses with complex or emerging needs.
The transaction is expected to contribute around C$305m in annual commercial lines premiums, which would represent an increase of around 30% on Wawanesa’s current volume, according to Wawanesa.
Wawanesa president and CEO Evan Johnston said: “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.”
The deal is expected to close in the second half of 2026, subject to regulatory approvals and other customary closing conditions.
