Everest Announces Agreement to Sell Colombia Insurance Operations to AIG
Everest Group, Ltd. ("Everest" or "the Company") (NYSE:EG), a global specialty reinsurance and insurance leader, today announced a definitive agreement to sell Everest Compañía de Seguros Generales Colombia S.A. to American International Group, Inc. (NYSE:AIG).
The transaction builds on Everest's previously announced sale of its global Commercial Retail Insurance renewal rights to AIG and the sale of its Canada Retail Insurance operations, marking another key step in the Company's strategy to focus the portfolio on its core Global Reinsurance and Wholesale and Specialty Insurance businesses.
"This agreement reflects our continued progress in executing our strategy and positioning Everest for sustained, long-term performance," said Jim Williamson, President and Chief Executive Officer of Everest. "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. The Colombia team has built a respected franchise, and we are confident it will continue to build on that momentum under AIG's ownership."
The transaction is expected to close in early 2027, subject to customary regulatory approvals and closing conditions. Advisors on the transaction include Guy Carpenter Capital & Advisory, a division of MMC Securities LLC, as financial advisor and Debevoise & Plimpton LLP as legal counsel to Everest.
About Everest
Everest Group, Ltd. (Everest) is a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions that address customers' most pressing challenges. Known for a 50-year track record of disciplined underwriting, capital and risk management, Everest, through its global operating affiliates, is committed to underwriting opportunity for colleagues, customers, shareholders, and communities worldwide.
Everest common stock (NYSE:EG) is a component of the S&P 500 index.
Additional information about Everest, our people, and our products can be found on our website at www.everestglobal.com.
Forward-looking Statements
This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. Forward-looking statements about the sale transaction, strategic repositioning and Commercial Retail Insurance operations exit plans reflect management's current expectations based on assumptions we believe are reasonable but are not guarantees of performance. Actual results may differ materially from those contained in forward-looking statements made by or on behalf of the Company. Forward-looking statements involve risks and uncertainties including the actual impact of the sale transaction, strategic repositioning and Commercial Retail Insurance operations exit plans and other factors described in our SEC filings, including but not limited to our latest Annual Report on Form 10-K. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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