Everest agrees sale of Canadian retail arm to Wawanesa in strategic shift
Everest Group has agreed to sell its Canadian retail insurance operations to Wawanesa Mutual Insurance Company, marking a further step in its exit from the commercial retail segment as it sharpens focus on core reinsurance and specialty lines.
The transaction covers Everest Insurance Company of Canada, the group’s largest remaining retail platform, and forms part of Everest’s previously stated plan to withdraw from commercial retail insurance following the 2025 sale of its global retail commercial insurance renewal rights to AIG.
Everest said the deal aligns its portfolio more closely with its underwriting strengths in reinsurance and global wholesale and specialty insurance businesses.
The Canadian retail unit will transition to Wawanesa, which is seeking to expand its commercial retail presence in the Canadian market.
Wawanesa said it intends to invest in the business and integrate the Everest Canada team to broaden its reach across industries.
AM Best has said the deal is expected to add about $305 billion in premiums, roughly 8%, to Wawanesa Mutual’s consolidated book, while broadening its commercial insurance mix with a diversified property & casualty portfolio spanning programmes, commercial P&C, financial lines and specialty lines.
The deal also expands Wawanesa’s footprint in Ontario and Quebec and lifts its exposure to large commercial clients, the ratings agency said.
The transaction is expected to close in the second half of 2026, subject to regulatory approvals and customary closing conditions.
Jim Williamson (pictured), president and chief executive officer of Everest, said: “This transaction represents a strong outcome for both organisations, our shareholders and our colleagues. The Canadian Retail team has built a high-quality, disciplined portfolio. This agreement enables us to realise compelling value and to transition our colleagues to a growth-oriented organisation committed to expanding its commercial retail presence in the Canadian market.”
Williamson added: “Consistent execution against our stated strategy remains a priority. This agreement further aligns our portfolio with our core underwriting strengths and supports our objective of generating sustainable, risk-adjusted returns over time.”
Evan Johnston, president and chief executive officer of Wawanesa, said: “Everest has built a respected commercial business in Canada, powered by strong talent, deep specialty lines expertise, and a disciplined, entrepreneurial underwriting culture. We look forward to welcoming the Everest Canada team and investing in their proven model to further expand our ability to serve more Canadian businesses across an even broader range of industries.”
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