Everest Group, a global specialty reinsurer and insurer, has completed the sale of its Canadian Retail Insurance operations, Everest Insurance Company of Canada (Everest Canada), to The Wawanesa Mutual Insurance Company.
First announced in March 2026, the transaction was closed after securing all of the required regulatory approvals and satisfaction of customary closing conditions.
This transaction marks another move in Everest’s strategic repositioning and advances the carrier’s previously announced plan to exit the Commercial Retail Insurance space, following the 2025 sale of its global Retail Commercial Insurance renewal rights to AIG.
For Wawanesa, the deal is expected to “significantly strengthen” its role in the Canadian market by adding an extensive portfolio of specialty commercial insurance products.
The firm expects the transaction to add some $305 million in annual commercial lines premiums, an increase of roughly 30% from the insurer’s current volume.
“The completion of this transaction further sharpens Everest’s portfolio and positions the Company to concentrate its capital and capabilities on its core Reinsurance and Global Wholesale and Specialty Insurance businesses,” said Jim Williamson, Everest President and CEO. “We thank our Canadian colleagues for their contributions and wish them continued success with Wawanesa.”
Ardea Partners LP served 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.
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