King Risk Partners, which said it is now the 51st largest insurance brokerage in the United States, has acquired S
tuart Surles Insurance agency in Angier, North Carolina, near Raleigh.
The Surles age
ncy, founded some 30 years ago, specializes in farm insurance as well as home, auto, health and life insurance, the companies said in a news release. Stuart
Surles is the owner and will remain with the firm.
King Risk, based in Gainesville, Florida, continues to expand through acquisitions and growth. It has 12 agencies in Nort
h Carolina and 50 more around the eastern half of the country.
AIG said exposure to all liabilities will remain with Everest, who will also continue to administer claims from it
s policies. AIG will get the rights to renew commercial retail business in the U.S., U.K., Europe, and Asia Pacific.
“Today’s strategic action results in a more focused, higher-performing Everest,” said Jim Williamson, Evere
st president and CEO. “Going forward, Everest will be optimally positioned
to respond to evolving market needs while building on our track
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record of sustainable financial returns over the long term.”
AIG said it expects to start writing policies for existing Evere
st clients, except in the EU, on January 1, 2026. During the first quarter of 2026 AIG foresees doing the same in the EU.
Terms of the deal, which is subject to regulatory approvals, were not disclosed.
Everest also announced a new operating structure for its new insurance division, which includes Everest G
lobal Markets and Everest Evolution, as well as underwriting programs, credit and political risk, surety, and accident & health business lines.
Jason Keen has been appointed CEO of Global Wholesale and Specialty Insurance and will lead efforts to strengt
hen Everest’s position in the E&S market.
Zaffino said AIG will work closely with the Everest team “to ensure a s
eamless transition for clients and brokers,” and the company will continue to work with Everest as a reinsurance partner.
The additions to the portfolio will fall within AIG’s General Insurance
segment, which will be led by former Lloyd’s CEO John Neal, who was hired in July and starts at AIG on December 1.
Last month, AIG announced the retirement of Don Bailey, head of commercial insurance in North America, at the
end of the year. Beginning Jan. 1, Allison Cooper and Barbara Luck will be co-presidents of AIG’s retail commercial bu
siness in North America. Lou Levinson will be president of wholesale for North America Commercial.