Everest Group, Ltd., a global specialty insurer and reinsurer, has entered into a definitive agreement to sell its Chilean insurance subsidiary, Everest Compañía de Seguros Generales Chile S.A. (Everest Chile), to American International Group, Inc. (AIG).
Everest Chile serves corporate and upper-middle-market clients, with a portfolio that includes property, energy, marine, financial lines and casualty insurance.
Upon completion of the transaction, AIG subsidiaries will acquire Everest Chile’s licensed operations, employees and ongoing insurance business.
The sale is expected to close in the first half of 2027, subject to customary regulatory approvals and closing conditions. It represents the final planned divestiture of Everest’s Latin American insurance operations.
Everest also announced that it has completed the previously disclosed sale of its Colombian insurance business, Everest Compañía de Seguros Generales Colombia S.A. (Everest Colombia), to AIG.
AIG said the two transactions will further strengthen its presence in Latin America and support its long-term growth across one of the world’s fastest-developing insurance markets.
These transactions form part of Everest’s strategic exit from commercial retail insurance.
In October 2025, the group entered into definitive agreements to sell the renewal rights for its U.S., U.K., European and Asia Pacific Commercial Retail businesses to AIG.
In March 2026, Everest signed a definitive agreement to sell its Canadian Retail Insurance operations, Everest Insurance Company of Canada, to The Wawanesa Mutual Insurance Company.
In addition, the firm agreed to sell its Mexican insurance operations to Fairfax Financial Holdings Limited in August 2026.
Jim Williamson, President and Chief Executive Officer of Everest, said, “These milestones mark meaningful progress in building a stronger, more focused organisation centred on the businesses where we see the greatest opportunity to deliver long-term value.
“We have been deliberate in aligning our operations with our strategic priorities, and these transactions bring us closer to completing that work. I am grateful to our colleagues in Latin America for their dedication and contributions to Everest.”
Jon Hancock, Executive Vice President and Chief Executive Officer, General Insurance of AIG, commented, “Our acquisition of Everest Chile represents another important step in expanding our commercial insurance capabilities for clients and brokers across Latin America, building on our acquisition of Everest’s Colombia business.
“As the fourth- and fifth- largest corporate insurance markets in Latin America, respectively, Colombia and Chile present strong opportunities as investment in infrastructure, energy, logistics and manufacturing continues to grow, driving demand for more commercial insurance solutions. We look forward to welcoming the talented Everest Chile and Colombia teams to AIG and building on their established relationships as we help solve complex risk challenges for our clients and partners in the market.”
Willkie Farr & Gallagher LLP and Carey y Cía. Ltda. acted as legal counsel for AIG on the Everest Chile agreement. Evercore acted as financial adviser, while Willkie Farr & Gallagher LLP and Brigard Urrutia acted as legal counsel for AIG on the Everest Colombia transaction.
