American International Group announced it has a definite agreement to acquire the renewal rights of Everest Group’s retail commercial insurance business.
Everest will focus on its reinsurance, global wholesale, and specialty insurance businesses.
The renewal rights of Everest’s retail commercial business total about $2 billion of aggregate gross premiums written.
“We expect these renewal rights transactions to drive incremental growth in our general insurance portfolio, and we will be able to write these policies within
our existing balance sheet with no incremental capital required,” said Peter Zaffino, chairman and CEO at AIG.
AIG said exposure to all liabilities will remain with Everest, who will als
ies. 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, Everest president and CEO. “Going forward, Everes
t will be optimally positioned to respond to evolving market needs
while building on our track record of sustainable financial returns over the long term.”
AIG said it expects to start writing policies for existing Everest clients, except in the EU, on January 1, 2026
. During the first quarter of 2026 AIG foresees doing the same in the EU.
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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 Global 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 strengthen Everest’s position in the E&S market.
Zaffino said AIG will work closely with the Everest team “to ensure a seamless 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 en
d of the year. Beginning Jan. 1, Allison Cooper and Barbara Luck will be co-presidents of AIG’s retail commercial busin
ess in North America. Lou Levinson will be president of wholesale for North America Commercial.