Everest Group, Ltd. ("Everest" or "the Company") (NYSE:EG), a global specialty reinsurance and insurance leader, today announced that it has signed a definitive agreement to sell its Canadian Retail Insurance operations, Everest Insurance Company of Canada ("Everest Canada"), to The Wawanesa Mutual Insurance Company ("Wawanesa").
This transaction marks another decisive step in Everest's strategic repositioning and advances the Company's previously announced plan to exit its Commercial Retail Insurance operations, following the 2025 sale of its global Retail Commercial Insurance renewal rights to AIG. Everest Canada is the Company's largest remaining retail platform, and with this transaction, Everest is further sharpening its focus on its core Reinsurance and Global Wholesale and Specialty Insurance businesses.
The transaction is anticipated to close in the second half of 2026, subject to customary regulatory approvals and closing conditions. Advisors to the transaction include Ardea Partners LP 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.