AIG takes on more of Everest’s primary insurance assets

Everest has handed over its full Columbian operations, on undisclosed terms, to AIG in the latest shuffle of global retail primary insurance business between the pair.

It’s a continued paring of business scope for Everest, which has already sold AIG the full renewal rights on its global commercial retail insurance book as it vacates primary lines save for specialty and wholesale. Everst also sold its Canada retail insurance operations to AIG as it refocuses its portfolio back onto its roots in global reinsurance plus wholesale and specialty insurance.

The deal “will enable us to accelerate our growth in one of the largest and fastest-growing insurance markets in the region,” the CEO of AIG’s general insurance operations, Jon Hancock, was quoted saying. He likes the target’s focus on corporate and upper-middle-market clients.

Everest framed the deal in terms of its drive towards a narrowed focus following the resignation from commercial primary.

“This agreement reflects our continued progress in executing our strategy and positioning Everest for sustained, long-term performance,” Everest CEO Jim Williamson said. The deal should “enabl[e] us to strengthen leadership in the markets and capabilities where we have the strongest competitive advantage.”

In late 2025 Everest put paid to its decade-long foray into global primary commercial insurance, where heavy reserving had nonetheless repeatedly fallen short of loss trend on the book. Yet another mass of new reserves paved the way for an adverse development cover on the lingering book. Full renewal rights were sold to AIG.

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