American International Group has agreed to acquire Everest Group’s commercial insurance operations in Chile while completing a similar purchase in Colombia. The transactions finalize Everest’s planned retail exit from Latin America and expand AIG’s regional general insurance footprint.
The agreement covers Everest Compañía de Seguros Generales Chile S.A., known as Everest Chile, which serves corporate and upper-middle-market clients across property, energy, marine, financial lines, and casualty insurance. Under the terms announced by American International Group, Inc., subsidiaries of AIG will take over the licensed operations, employees, and ongoing business in Chile. Financial terms of the agreement were not disclosed by either party. For readers tracking large global underwriters with a market capitalization of about $42.6 billion, the move demonstrates how targeted deals can deepen exposure to specific international insurance markets.
Simultaneously, Everest Group, Ltd. confirmed the finalization of its previously announced sale of Everest Compañía de Seguros Generales Colombia S.A. to AIG. Together, the two transactions mark a shift in how corporate insurance is distributed across two of the region’s most active markets.
Strategic Rationale Behind AIG’s Latin American Expansion
Jon Hancock, executive vice president and CEO of General Insurance at AIG, emphasized the economic drivers behind the regional consolidation. Adding operations in Colombia and Chile fits into a broader international strategy.
Our acquisition of Everest Chile represents another important step in expanding our commercial insurance capabilities for clients and brokers across Latin America, building on our acquisition of Everest’s Colombia business.
Jon Hancock, executive vice president and CEO of General Insurance at AIG
Hancock noted that Colombia and Chile represent the fourth- and fifth-largest corporate insurance markets in Latin America, respectively.
AIG Announces Agreement to Acquire Everest’s Insurance Operations in Chile and Completes Acquisition of Everest Colombia https://t.co/kBpr9f89IP
Everest Completes Broad Retail Commercial Exit
The sale of the Chilean unit represents the final planned divestiture of Everest’s retail commercial insurance operations in Latin America. The global specialty insurer and reinsurer has spent the past year shedding its retail footprint worldwide to focus instead on reinsurance, wholesale, and specialty lines.
That restructuring began in October 2025, when Everest agreed to transfer renewal rights for its commercial retail businesses across the United States, United Kingdom, Europe, and Asia Pacific to AIG—a portfolio representing roughly $2 billion in gross written premium. Subsequent deals followed across the globe.
- Canada: Everest signed an agreement in March 2026 to sell its retail operations, Everest Insurance Company of Canada, to The Wawanesa Mutual Insurance Company.
- Mexico: The firm agreed in August 2026 to sell its Mexican insurance subsidiary, Everest Mexico, to Canada-based Fairfax Financial Holdings Limited.
- Reserves: Alongside the 2025 retail renewals transfer, Everest purchased an adverse development cover protecting $5.4 billion of North American insurance reserves for accident years 2024 and earlier following severe third-quarter reserve strengthening.
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.
Jim Williamson, president and chief executive officer of Everest
Regulatory Timeline and Legal Counsel
The transaction in Chile remains subject to regulatory approvals and customary closing conditions. Both companies anticipate closing the sale during the first half of 2027.
Legal and financial advisors supported both sides across the regional agreements. Willkie Farr & Gallagher LLP and Carey y Cía. Ltda. served as legal counsel to AIG for the Everest Chile agreement. For the completed Colombia transaction, Evercore acted as financial advisor, while Willkie Farr & Gallagher LLP and Brigard Urrutia provided legal counsel.
