Everest to sell Canadian retail insurance unit to Wawanesa [Yahoo! Finance]
American International Group, Inc. New (AIG)
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Source: Yahoo! Finance
Financial terms of the deal were not disclosed. The proposed disposal is part of Everest's stated shift away from its commercial retail insurance activities. The company previously outlined plans to exit this area, including a 2025 deal to transfer renewal rights for its global retail commercial insurance business to American International Group (AIG). That deal covered its commercial retail operations in the US, UK, Europe and Asia-Pacific. Everest Canada is described as Everest's largest remaining retail platform. Following the agreement with Wawanesa, Everest said it will further concentrate on its core reinsurance operations, alongside its global wholesale and specialty insurance businesses. Everest president and CEO Jim Williamson said: “This transaction represents a strong outcome for both organisations, our shareholders and our colleagues. The Canadian Retail team has built a high-quality, disciplined portfolio. “This agreement enables us to realise compelling va
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