AIG to acquire renewal rights for majority of Everest’s commercial retail businesses

Core Insights - Everest Group has entered into agreements to sell renewal rights for its U.S., U.K., European, and Asia Pacific Commercial Retail businesses to AIG, pending regulatory approvals [1] - The renewal rights represent an estimated $2 billion in aggregate gross premiums written, which is expected to provide significant capital and value to Everest over time [2][4] - The transactions are aimed at sharpening Everest's focus on its core Global Reinsurance and Global Wholesale and Specialty Insurance businesses [2][7] Company Strategy - Following the agreements, Everest has established a new operating structure for its insurance division, emphasizing its Global Wholesale and Specialty Insurance businesses, led by Jason Keen as CEO [3] - The new unit includes Everest Global Markets, Everest Evolution, and various lines of business such as Underwriting Programs and Accident & Health [3] - Everest aims to unlock long-term value through these strategic actions, positioning itself to respond to evolving market needs [7] AIG's Perspective - AIG anticipates that the renewal rights transactions will enhance growth in its general insurance portfolio without requiring additional capital [6] - AIG plans to start writing policies for existing Everest clients in the European Union on January 1, 2026, subject to regulatory approvals [5] - AIG expresses confidence in the value added by Everest's retail insurance portfolio and looks forward to a seamless transition for clients and brokers [6][7]