Bermuda-based insurer and reinsurer Everest Group, Ltd. has agreed to sell its Mexico insurance operations to Fairfax Financial Holdings Limited, a Canadian diversified financial holding company, subject to customary regulatory approvals and closing conditions.
The sale of Compañía de Seguros Generales Everest México S.A. de C.V. (Everest Mexico) to Fairfax follows agreements in which Everest has agreed to sell its Canadian Retail insurance operations to The Wawanesa Mutual Insurance Company, and its Colombia insurance business to AIG.
This latest transaction is expected to close in 2027, and is part of the company’s planned exit from its remaining commercial retail insurance businesses.
Late last year, Everest announced a deal to sell the renewal rights for its U.S., U.K., European, and Asia Pacific Commercial Retail businesses to AIG.
Jim Williamson, President and Chief Executive Officer of Everest, said: “This agreement reflects the disciplined execution of our strategic priorities and continues the transformation of Everest into a more focused, higher-performing organization.
“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. 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.”
Advisors to the transaction include Guy Carpenter Capital & Advisory as financial advisor, and Debevoise & Plimpton LLP as legal counsel to Everest.
