American International Group (AIG) enters into definitive agreements to acquire the renewal rights for a majority of Everest Group Ltd.’s retail insurance portfolios worldwide, representing approximately US$2 billion of aggregate premium. The transaction is expected to drive incremental growth in AIG’s general insurance portfolio without requiring incremental capital, while exposure to all liabilities on existing policies remains with Everest. AIG Chairman and CEO Peter Zaffino says the acquired portfolios are "very additive to our business" and looks forward to ensuring a seamless transition for clients and brokers. He also confirms that AIG continues to work with Everest Group as a key reinsurance partner. From Everest’s perspective, the sale of its Global Retail Commercial Insurance business sharpens the company’s focus on its core global Reinsurance and Global Wholesale and Specialty Insurance businesses. Everest President and CEO Jim Williamson explains that the strategic action "results in a more focused, higher-performing Everest," positioning the firm to unlock long-term value. As part of the shift, Everest introduces a new operating structure for its insurance division. Jason Keen is appointed CEO of Global Wholesale and Specialty Insurance and leads efforts to strengthen Everest’s position in the excess and surplus market. AIG expects to commence writing policies for existing Everest clients on 1 January 2026 across most regions, with expansion into Everest’s European Union portfolios following in the first quarter of 2026, subject to regulatory approvals. Evercore acts as financial advisor and Willkie Farr & Gallagher LLP acts as legal counsel for AIG. Ardea Partners LP serves as financial advisor and Debevoise & Plimpton LLP serves as legal counsel for Everest.
