American International Group is making a bold move — the insurance giant has struck a definitive deal to acquire the renewal rights to Everest Group’s $2 billion retail commercial business.
Everest is doubling down on its core strengths — reinsurance, global wholesale, and specialty insurance.
Everest’s retail commercial portfolio carries about $2 billion in gross written premiums — a major slice of business now set to shift to AIG.
“We expect these renewal rights transactions to drive incremental growth in our general insurance portfolio, and we will be able to write these policies within our existing balance sheet with no incremental capital required,” said Peter Zaffino, AIG’s chairman and CEO.
AIG said Everest will retain all existing liabilities and continue handling claims under its current policies. The deal gives AIG renewal rights to Everest’s retail commercial business in the U.S., U.K., Europe, and Asia Pacific.
“Today’s strategic action results in a more focused, higher-performing Everest,” said Jim Williamson, Everest president and CEO. “Going forward, Everest will be optimally positioned to respond to evolving market needs while building on our track record of sustainable financial returns over the long term.”
AIG expects to start issuing policies for Everest’s existing clients on January 1, 2026, outside the EU — with Europe set to follow in the first quarter of the year.
Financial terms of the deal weren’t disclosed, and the transaction still requires regulatory approval.
Everest also announced a revamped operating structure for its insurance division, bringing together Everest Global Markets, Everest Evolution, and business lines covering credit and political risk, surety, and accident & health.
Everest appointed Jason Keen as CEO of Global Wholesale and Specialty Insurance, tasking him with driving the company’s expansion and leadership in the E&S market.
We will collaborate closely with the Everest team "to ensure a smooth transition for clients and brokers,” Zaffino said, noting that AIG will maintain its partnership with Everest in reinsurance.
These portfolio additions will be part of AIG’s General Insurance segment, headed by John Neal, former CEO of Lloyd’s, who joined the company in July and begins his role on Dec. 1.
AIG earlier this month said Don Bailey, head of Commercial Insurance in North America, will retire at year-end. Beginning Jan. 1, Allison Cooper and Barbara Luck will become co-presidents of the company’s Retail Commercial business in North America, and Lou Levinson will lead its North America Commercial Wholesale segment.
In Q2, AIG’s General Insurance segment reported a combined ratio of 89.3, improving from 92.5 a year ago. North America Commercial premiums grew 4%, driving underwriting income up 58% to $301 million, while International Commercial underwriting income climbed 30% to $300 million.
