Everest Group, a global specialty insurance and reinsurance company, has signed a definitive agreement to sell its Canadian retail insurance business, Everest Insurance Company of Canada (Everest Canada), to Wawanesa Mutual Insurance Company.
The transaction is expected to close in the second half of 2026, subject to customary regulatory approvals and closing conditions.
“This transaction is a strong result for our organization, our shareholders and our colleagues,” said Everest President and CEO Jim Williamson. “The Canadian Retail team has built a high-quality, disciplined portfolio.
“This agreement allows us to deliver compelling value and transform our associates into a growth-oriented organization focused on expanding its commercial retail presence in the Canadian market.”
The transaction marks another step in Everest’s strategic repositioning and advances the company’s previously announced plans to exit the commercial retail insurance space, following the sale of its global retail commercial insurance renewal rights to AIG in 2025.
As Everest Canada is the company’s largest remaining retail platform, its divestiture allows Everest to further strengthen its focus on its core reinsurance, global wholesale and specialty insurance businesses.
Williamson added: “Continued execution of our stated strategy remains our top priority. This agreement further aligns our portfolio with our core underwriting strengths and supports our goal of generating sustainable, risk-adjusted returns over time.”
“Everest has built a respected commercial business in Canada with strong talent, deep expertise and a disciplined entrepreneurial underwriting culture,” said Evan Johnston, president and CEO of Wawanesa.
“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 a wider range of industries.”
Everest was advised by Ardea Partners LP (financial), Debevoise & Plimpton LLP and Stikeman Elliott LLP (legal). TD Securities (financial) and Torys LLP (legal) acted as advisors to Wawanesa.
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