Everest Group has agreed to sell its Chilean insurance company to AIG and completed the sale of its Colombian business to the same buyer. The deals finish Everest's planned exit from retail commercial insurance in Latin America.
The sale of Everest Compañía de Seguros Generales Chile is expected to close in the first half of 2027, subject to regulatory approvals. Everest said it was the final planned divestiture of its Latin American insurance operations. The sale of its Colombian business, Everest Compañía de Seguros Generales Colombia, to AIG has now closed.
“These milestones mark meaningful progress in building a stronger, more focused organization centered on the businesses where we see the greatest opportunity to deliver long-term value,” said Jim Williamson, Everest’s president and chief executive.
The Latin American deals follow a broader overhaul that began last October. Everest agreed to sell AIG the renewal rights to its retail commercial insurance business in the US, UK, Europe and Asia Pacific, representing about $2 billion of gross written premium. Everest kept the liabilities on existing policies and continues to handle claims on them.
At the same time, Everest bought an adverse development cover protecting $5.4 billion of North American insurance reserves for accident years 2024 and earlier, after its insurance segment posted a 138.1% combined ratio in the third quarter of 2025 due to reserve strengthening.
Everest now focuses on reinsurance and on wholesale and specialty insurance. Jason Keen leads its global wholesale and specialty business, which includes E&S, underwriting programs, credit and political risk, surety, and accident and health.
For AIG, the Latin American deals add to the renewal rights portfolio it took on from Everest elsewhere. AIG said last year that it expected to write the Everest business within its existing balance sheet with no extra capital, and that Everest would remain a key reinsurance partner.
For brokers serving clients in Chile and Colombia, the deals mean policies will transfer to AIG, a carrier with an established presence in Latin America. Brokers should check how renewals will be handled during the transition, and whether terms, limits and claims contacts will change.
For multinational programs, the consolidation may simplify placements. Clients with Everest local policies in the region can move to AIG, which can also issue local policies in many other markets.
More broadly, the deals show how far Everest has moved from writing retail commercial business. Brokers who placed mid-market and retail commercial accounts with Everest will now deal mainly with AIG for that business. Everest remains active in reinsurance and through wholesale and specialty channels.
