Everest Group has agreed to transfer the renewal rights for its Global Retail Commercial Insurance business to AIG. The financial terms of the deal have not been disclosed. AIG will now have the rights to renew Everest’s US, UK, European, and Asia-Pacific Commercial Retail businesses, totaling around $2bn in aggregate gross premiums written.

Despite the sale, Everest will still be liable for all claims and continue to administer policies. The transition of policy writing to AIG will begin on January 1, 2026, outside the EU. AIG plans to take over Everest’s EU portfolios in the first quarter of 2026, pending regulatory approval.

AIG CEO Peter Zaffino believes the renewal rights transaction will drive growth in their general insurance portfolio without needing additional capital. Everest will now focus on its core global Reinsurance business and Global Wholesale and Specialty Insurance businesses. Everest has introduced a new operating structure for its insurance division, led by CEO Jason Keen.

Everest CEO Jim Williamson sees the transactions as a way to unlock long-term value for both Everest and AIG. With the leadership of Jason Keen, Everest Insurance aims to capture new growth opportunities and deliver tailored solutions to the market. In July, Everest appointed Mark Shaw as the chief commercial officer for its International Insurance operations.

Read more at Yahoo Finance: Everest to divest retail commercial insurance renewal rights to AIG