AIG has received regulatory approval to acquire the renewal rights for a majority of Everest Group's retail insurance portfolios in European Union countries, following a deal first announced in October.
The transaction, representing around US$2 billion of premium globally, will see AIG assume the renewal capacity for eligible policies starting Jan. 1, 2026, while Everest retains liability exposure and continues to administer claims.
Paride Della Rosa, CEO of AIG EMEA, said the company is committed to making the transition seamless for brokers and clients, ensuring that all of Everest’s expiring capacity and terms are renewed efficiently.
In AIG’s Q3 earnings report, Chairman and CEO Peter Zaffino highlighted that the transaction complements other strategic investments, including those with Convex Group and Onex Corporation, and is expected to be earnings, EPS, and ROE accretive within a year of closing.
The transaction involves a US$300 million purchase price for the renewal rights, subject to a potential downward adjustment of up to US$70 million depending on the actual renewals captured by AIG.
The portfolio is geographically and commercially diversified, with the largest portion in the US (US$1.3 billion in-force gross premiums), followed by Europe (US$400 million), the UK (US$150 million), Australia (US$80 million), and Singapore (US$70 million). Approximately 60% of eligible policies are expected to renew in H1 2026, while Canada, Latin America and certain lines are excluded.
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The deal allows AIG to scale its upper middle and large account retail insurance book without materially increasing costs or capital requirements. According to Zaffino, these renewal rights are expected to drive incremental growth in AIG’s general insurance portfolio, enabling the company to write new policies within its existing balance sheet.
The move strengthens AIG’s presence across key global markets, enhances its broker relationships, and positions the company to capture additional premium growth opportunities in the competitive retail insurance space.
By acquiring renewal rights rather than taking on direct liabilities, AIG said that it minimises balance sheet risk while gaining scale, providing a model for strategic expansion that balances growth with financial prudence.
