"Insurance giant AIG is set to acquire the renewal rights for the majority of Everest Group's global retail insurance portfolio worth $2 billion in premiums, sources with intimate knowledge of the deal told Fortune. The agreement with Everest, one of the world's largest reinsurance and insurance solutions firms, is part of AIG CEO Peter Zaffino 's transformation effort at the century-old insurance company."
"Insiders say that AIG expects to begin writing policies for existing North America Everest clients by the start of 2026. As for clients in the European Union, AIG is positioned to begin working on that portfolio during Q1 of 2026, depending on regulatory approvals. AIG, a $44 billion insurance company, already serves more than 88 million commercial and personal customers worldwide, operating in more than 200 countries and jurisdictions."
"Meanwhile, Everest has hired multiple senior executives from AIG in recent years including the company's former legal chief Anthony Vidovich, who was named executive vice president and general counsel of Everest on Oct. 16. The Everest deal, insiders say, did not require AIG to seek out external capital or take on debt. And while AIG will obtain the portfolio and client relationships within the deal, all existing liabilities and prior exposures will remain with Everest."
AIG will acquire renewal rights to most of Everest Group's global retail insurance portfolio, covering about $2 billion in premiums. AIG plans to start writing policies for existing North America Everest clients by early 2026 and to begin on EU clients in Q1 2026 pending regulatory approvals. The transaction transfers portfolios and client relationships to AIG while leaving existing liabilities and prior exposures with Everest. The deal did not require AIG to seek external capital or take on debt. Everest faces loss reserve issues after underestimating U.S. casualty claim costs and has hired several former AIG executives, including Anthony Vidovich.
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