Everest Announces Agreement to Sell Retail Commercial Insurance Renewal Rights to AIG
Everest Group, Ltd. (EG)
Company Research
Source: Business Wire
Jason Keen Appointed to Lead Everest’s Global Wholesale and Specialty Insurance Business HAMILTON, Bermuda--(BUSINESS WIRE)--Everest Group, Ltd. (“Everest” or “the Company”) (NYSE: EG), a global specialty reinsurance and insurance leader, today announced that it has entered into definitive agreements to sell the renewal rights for its Global Retail Commercial Insurance business to American International Group, Inc. (NYSE: AIG). The transactions sharpen Everest’s focus on its core global Reinsurance business as well as its Global Wholesale and Specialty Insurance businesses, and positions Everest for strong performance across market cycles.As part of these transactions, AIG will obtain all the rights to renew Everest’s U.S., U.K., European, and Asia Pacific Commercial Retail businesses. The renewal rights of these businesses total an estimated $2 billion of aggregate gross premiums written. The transactions will result in meaningful total value to Everest including significant capit
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