Everest Group has agreed to dump the renewal rights for its International Retail Industrial Insurance coverage enterprise to American Worldwide Group (AIG).
The monetary phrases of the agreements haven’t been disclosed to the general public.
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The transaction will see AIG gaining the rights to resume Everest’s US, UK, European and Asia-Pacific Industrial Retail companies.
The renewal rights of those companies quantity to an estimated $2bn of combination gross premiums written.
Regardless of the sale, Everest will retain publicity to all liabilities and proceed to manage claims with respect to its insurance policies.
The transition of coverage writing to AIG is scheduled to start on 1 January 2026 for areas outdoors the EU.
AIG is anticipated to increase its coverage writing to incorporate Everest’s EU portfolios within the first quarter of 2026, pending regulatory approvals.
AIG CEO and chairman Peter Zaffino stated: “We anticipate these renewal rights transactions to drive incremental progress in our basic insurance coverage portfolio, and we will write these insurance policies inside our current stability sheet with no incremental capital required.”
With the transaction in place, Everest goals to focus on its core international Reinsurance enterprise, together with its International Wholesale and Specialty Insurance coverage companies.
As a part of the reorganisation following these transactions, Everest has launched a brand new working construction for its insurance coverage division, which can concentrate on its International Wholesale and Specialty Insurance coverage companies.
This construction encompasses Everest International Markets and Everest Evolution, in addition to underwriting programmes, credit score and political threat, surety, and accident and well being enterprise traces.
Jason Eager has been appointed CEO of International Wholesale and Specialty Insurance coverage to supervise these areas.
Everest CEO and president Jim Williamson acknowledged: “The transactions provide clear alternative to unlock long-term worth for each Everest and AIG. Going ahead, Everest shall be optimally positioned to reply to evolving market wants whereas constructing on our observe file of sustainable monetary returns over the long run.
“With Jason’s management and experience, Everest Insurance coverage is poised to seize new progress alternatives, whereas delivering tailor-made options and distinctive worth to the market.”
In July, Everest appointed Mark Shaw because the chief business officer for its Worldwide Insurance coverage operations.
