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Everest completes sale of Canadian retail insurance unit to Wawanesa
The deal, first announced in March 2026, is expected to add about $305 million in annual commercial lines premiums for Wawanesa, roughly a 30% increase.
Everest Group has completed the sale of its Canadian retail insurance operations, Everest Insurance Company of Canada, to The Wawanesa Mutual Insurance Company, Reinsurance News reports. The transaction was first announced in March 2026 and closed after Everest secured required regulatory approvals and met customary closing conditions.
The sale advances Everest’s strategy to exit the Commercial Retail Insurance space, following its 2025 sale of global retail commercial insurance renewal rights to AIG. The transaction also supports Everest’s plan to focus its capital and capabilities on its core reinsurance and global wholesale and specialty insurance businesses.
Wawanesa expects the acquired portfolio of specialty commercial insurance products to significantly strengthen its position in the Canadian market. The firm projects the deal will add about $305 million in annual commercial lines premiums, which it estimates is roughly a 30% increase over its current volume.