Bermuda-based global reinsurer Everest has agreed to sell Everest Compañía de Seguros Generales Columbia SA to American International Group (AIG).
The transaction follows the previously announced sale of its global commercial retail insurance renewal rights to AIG and the sale of its Canadian retail insurance business, the company said.
It also reportedly marks “another key step” in the company’s strategy to focus its portfolio on its core global reinsurance and wholesale and specialty insurance businesses.
The transaction is expected to close in early 2027, subject to customary regulatory approvals and closing conditions.
Guy Carpenter Capital & Advisory, a division of MMC Securities LLC, served as financial advisor and Debevoise & Plimpton LLP served as legal advisor in the Everest transaction.
Jim Williamson, President and Chief Executive Officer of Everest, commented: “This agreement reflects our continued progress in executing our strategy and positioning Everest for sustained, long-term performance.
“It combines a high-quality business with an owner capable of supporting its next phase of growth, while enabling us to strengthen our leadership position in the markets and capabilities where we have the strongest competitive advantage.
“Team Columbia has built a well-respected franchise and we believe they will continue that momentum under AIG’s ownership.”
Everest achieved net profit of US$653 million in the first quarter of 2026, a year-on-year increase of more than 210%. Due to lower pre-tax net catastrophe losses, the group’s combined ratio improved by 11.6 percentage points to 91.2%.