AIG has entered into definitive agreements to acquire the renewal rights for a majority of Everest Group's retail insurance portfolios worldwide, representing in aggregate approximately $2bn of premium.
However, exposure to all liabilities will remain with Everest, who will also continue to administer claims with respect to its policies.
AIG Chairman & CEO Peter Zaffino said that they expect these renewal rights transactions to drive incremental growth in their general insurance portfolio. “We will be able to write these policies within our existing balance sheet with no incremental capital required,” he said.
Terms of the agreements were not disclosed. Other than in the European Union, AIG expects to commence writing policies for existing Everest clients on 1 January, 2026. The company expects to expand this work to Everest’s European Union portfolios in the first quarter of 2026, subject to regulatory approvals.