Everest Agrees to Sell Mexico Insurance Operations to Canada’s Fairfax Financial

Everest Group Ltd., the Bermuda-based specialty re/insurer, announced it has entered into a definitive agreement to sell its Mexico insurance operations – Compañía de Seguros Generales Everest México – to Fairfax Financial Holdings Ltd.

Financial details of the deal were not disclosed.

“This agreement reflects the disciplined execution of our strategic priorities and continues the transformation of Everest into a more focused, higher-performing organization,” said Jim Williamson, president and chief executive officer of Everest.

“By sharpening our investment in our core Reinsurance and Global Wholesale and Specialty franchises, we are positioning the company to capitalize on the most attractive opportunities across our portfolio,” Williamson added. “At the same time, we are pleased to have found a strong long-term owner in Fairfax for our Mexico business. I want to thank our colleagues in Mexico for their dedication and contributions to Everest, and I am confident they will continue to thrive as part of Fairfax.”

The transaction comes on the heels of Everest’s recent agreements to sell its Colombia and Canada insurance operations as part of its planned exit from its remaining commercial retail insurance businesses. It is expected to close in 2027, subject to customary regulatory approvals and closing conditions.

Advisors to the transaction include Guy Carpenter Capital & Advisory, a division of MMC Securities LLC, as financial advisor and Debevoise & Plimpton LLP as legal counsel to Everest.

Source: Everest Group

Related:

• AIG Gets Approval to Acquire Everest Renewals in 6 EU Countries – in Time for Jan. 1
• AIG to Acquire Renewal Rights of Everest’s Retail Commercial Business Worth $2B
• Everest Sells Another Retail Commercial Insurance Op: Canada Biz Going to Wawanesa

Topics Canada