Everest Group, Ltd. (“Everest”) announced that it has signed a definitive agreement to sell its Canadian Retail Insurance operations, Everest Insurance Company of Canada (“Everest Canada”), to The Wawanesa Mutual Insurance Company (“Wawanesa”).

For Everest, a global specialty insurance and reinsurance enterprise, the deal marks another step in a previously announced plan to exit its commercial retail insurance. Last year, Everest sold a large amount of its global retail commercial insurance renewal rights to AIG—in the U.S., U.K., European, and Asia Pacific—with an estimated $2 billion in annual gross premiums. According to Everest, Everest Canada is “the company’s largest remaining retail platform, and with this transaction, Everest is further sharpening its focus on its core reinsurance and global wholesale and specialty insurance businesses.

The amount to premium written by Everest Canada and financial terms of the deal were not disclosed.

“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,” said Jim Williamson, president and chief executive officer of Everest, in a media statement.

“This transaction represents a strong outcome for both organizations, our shareholders and our colleagues,” he said. “The Canadian Retail team has built a high-quality, disciplined portfolio. This agreement enables us to realize compelling value and to transition our colleagues to a growth-oriented organization committed to expanding its commercial retail presence in the Canadian market.”

Evan Johnston, president and chief executive officer of Wawanesa noted that “Everest has built a respected commercial business in Canada, powered by strong talent, deep specialty lines expertise, and a disciplined, entrepreneurial underwriting culture,” adding that Wawanesa looks 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.”

The transaction is expected to close in the second half of 2026, subject to customary regulatory approvals and closing conditions.

Advisors to the transaction include Ardea Partners LP as exclusive financial advisor and Debevoise & Plimpton LLP and Stikeman Elliott LLP as legal advisors to Everest.

TD Securities acted as exclusive financial advisor and Torys LLP acted as legal advisor to Wawanesa.

Source: Everest Group, Ltd.