Everest to sell retail insurance renewal rights to AIG for $2 billion

HAMILTON, Bermuda - Everest Group, Ltd. (NYSE:EG) announced Monday it has reached definitive agreements to sell the renewal rights for its Global Retail Commercial Insurance business to American International Group, Inc. (NYSE:AIG) in a transaction involving approximately $2 billion in aggregate gross premiums written. AIG, currently valued at $44 billion in market capitalization, has established itself as a prominent player in the insurance industry according to InvestingPro data.

The strategic move will allow Everest to sharpen its focus on its core global Reinsurance business and Global Wholesale and Specialty Insurance operations, according to a company press release. The transaction is expected to release significant capital for Everest over time. For AIG, which trades at a P/E ratio of 14.91 and maintains a solid dividend history of 13 consecutive years, this acquisition aligns with its expansion strategy.

"Today’s strategic action results in a more focused, higher-performing Everest," said Jim Williamson, Everest President and Chief Executive Officer. "The transactions offer clear opportunity to unlock long-term value for both Everest and AIG."

As part of the restructuring, Everest has introduced a new operating structure for its insurance division focused on Global Wholesale and Specialty Insurance businesses. The company has appointed Jason Keen as CEO of Global Wholesale and Specialty Insurance to lead these efforts.

The deal encompasses renewal rights for Everest’s commercial retail businesses across the United States, United Kingdom, Europe, and Asia Pacific regions.

Completion of the transaction remains subject to regulatory approvals. Ardea Partners LP served as exclusive financial advisor to Everest, while Evercore advised AIG on the transaction.

Everest Group, a component of the S&P 500 index, provides property, casualty, and specialty reinsurance and insurance solutions globally.

The announcement came alongside Everest’s third quarter 2025 financial results, which were released in a separate statement. InvestingPro analysis shows strong market confidence in AIG’s outlook, with 12 analysts recently revising their earnings expectations upward. Discover more insights and detailed financial analysis for both companies through InvestingPro’s comprehensive research reports, available for over 1,400 US equities.

In other recent news, American International Group, Inc. (AIG) has entered into agreements to acquire the renewal rights for a significant portion of Everest Group Ltd.’s retail insurance portfolios, which represents approximately $2 billion in premiums. The financial terms of this transaction have not been disclosed, but Everest will retain existing liabilities and continue to manage claims for its policies. Additionally, AIG announced changes in its leadership structure, with Don Bailey, CEO of North America Commercial Insurance, set to retire at the end of the year. Following Bailey’s retirement, Allison Cooper and Barbara Luck will be promoted to Co-Presidents of Retail, North America Commercial, while Lou Levinson will take on the role of President of Wholesale, North America Commercial.

Further, AIG reported that Paola Bergamaschi will resign from its board of directors in October 2025 to join the board of Talbot Underwriting Ltd., a subsidiary operating within the Lloyd’s Insurance Market. In another executive transition, Claude Wade, AIG’s Executive Vice President and Chief Digital Officer, will step down from his current role at the end of December 2025 due to health reasons and will shift to an advisory position. Moreover, AIG was mentioned in a report by the Financial Times, which noted that several insurers, including AIG, reduced trade credit coverage for First Brands before its bankruptcy filing. These developments indicate a period of significant change and restructuring within AIG’s operations and leadership.

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