Everest Group has agreed to sell Compañía de Seguros Generales Everest México S.A. de C.V. to Fairfax Financial Holdings Limited. The deal is expected to close in 2027, pending regulatory approval.
Everest's chief executive tied the sale to a broader strategy shift. "This agreement reflects the disciplined execution of our strategic priorities and continues the transformation of Everest into a more focused, higher-performing organization," said Jim Williamson, president and CEO of Everest.
"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," he said.
The sale is the third step in a pattern, not a standalone move. The deal follows Everest's recent agreement to sell its Colombia insurance operations to American International Group and its Canada retail insurance operations to The Wawanesa Mutual Insurance Company as part of its commercial retail insurance exit. AIG purchased Everest's retail renewal rights last October. The Mexico sale is Everest's third retail-insurance divestiture in under a year, following Colombia and Canada, on top of the 2025 AIG renewal-rights transfer covering the US, UK, Europe and Asia-Pacific.
Fairfax's Latin American unit - active in Argentina, Chile, Colombia and Uruguay - has been acquiring in the region for several years, and the Mexico deal extends that footprint.
The Canada sale, announced in March, gives brokers a direct precedent for what to expect. Everest agreed to sell all outstanding shares of Everest Insurance Company of Canada to Wawanesa for $410 million, subject to adjustment and customary regulatory approvals. The transaction is subject to closing conditions including approval from the Minister of Finance and clearance under the Competition Act, and is expected to close in the fourth quarter of 2026.
Wawanesa intends to operate Everest Canada separately, retaining key personnel to continue leading the business and deepening relationships with broker partners. Everest Canada was described as the company's largest remaining retail platform before the sale.
The sale also comes amid pressure on Everest's results. Everest last week reported second-quarter net income fell 17.8% to $559 million as catastrophe losses related to the Iran conflict and lower premium volume weighed on results. This is offered as context, not a stated cause - Everest has not linked the two directly. Financial terms of the Mexico deal were not disclosed. Guy Carpenter Capital & Advisory acted as financial adviser and Debevoise & Plimpton LLP as legal counsel to Everest on the Mexico sale.
Brokers with clients on Everest-underwritten Canadian commercial policies should track the Wawanesa deal's Q4 2026 close and confirm claims and renewal continuity, as Wawanesa has said it will retain Everest Canada's team and structure. With Mexico now added, Everest is signalling an exit from retail commercial insurance worldwide - brokers should expect it to remain active only in reinsurance and specialty wholesale going forward.
