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Everest to sell Mexico insurance business to Fairfax, deal tied up until 2027
The transaction covers Everest Mexico, expected to close in 2027, as part of Everest’s exit from remaining commercial retail insurance operations.
Bermuda-based insurer and reinsurer Everest Group has agreed to sell its Mexico insurance operations to Fairfax Financial Holdings, subject to regulatory approvals and other closing conditions, according to Reinsurance News.
The deal involves the sale of Compañía de Seguros Generales Everest México S.A. de C.V., known as Everest Mexico. Reinsurance News said the transaction is expected to close in 2027 and forms part of Everest’s plan to exit its remaining commercial retail insurance businesses.
Reinsurance News noted the Mexico agreement follows prior deals in which Everest agreed to sell its Canadian retail insurance operations to The Wawanesa Mutual Insurance Company and its Colombia insurance business to AIG.
Everest’s CEO Jim Williamson said the transaction supports the company’s strategic transformation, including sharpening its focus on reinsurance and global wholesale and specialty franchises. Reinsurance News added that Guy Carpenter Capital and Advisory advised the deal, with Debevoise and Plimpton as legal counsel for Everest.