American International Group (AIG) announced it has entered into a definitive agreement to acquire Everest Group’s Colombian insurance subsidiary.
AIG said the acquisition of Everest Compañía de Seguros Generales Colombia S.A. (Everest Colombia) strengthens its presence in the Latin American region and supports the company’s strategy to drive premium growth.
Everest said the transaction builds on its previously announced plan to exit commercial retail insurance — a major part of which was accomplished with the sale in October 2025 of its global Commercial Retail Insurance renewal rights to AIG. In December, AIG announced it received approval to proceed with the acquisition of Everest Group’s renewals in Germany, France, Italy, Netherlands, Spain and Ireland, in time for the January 1 renewals.
Everest further announced in March it had signed a definitive agreement to sell its Canadian Retail Insurance operations, Everest Insurance Company of Canada, to The Wawanesa Mutual Insurance Co.
Upon completion of the Colombian transaction, subsidiaries of AIG will acquire 100% of the equity of Everest Colombia, including its licensed operations, employees and ongoing insurance business. AIG said the two companies will work closely to ensure a seamless transition for clients, brokers and colleagues.
Financial details of the transaction, which is expected to close in early 2027, were not disclosed. The transaction is subject to regulatory approvals and other customary closing conditions.
“This acquisition reinforces AIG’s commitment to our Latin America business and will enable us to accelerate our growth in one of the largest and fastest-growing insurance markets in the region,” said Jon Hancock, executive vice president and chief executive officer, General Insurance, AIG, in a statement.
“With this acquisition, we are gaining a highly experienced team whose talent and deep understanding of the local market will strengthen our capabilities,” Hancock added. “Everest Colombia’s focus on corporate and upper-middle-market clients aligns with AIG’s commitment to expand our commercial insurance offerings to clients and brokers across the Latin America region.”
“This agreement reflects our continued progress in executing our strategy and positioning Everest for sustained, long-term performance,” said Jim Williamson, president and chief executive officer of Everest.
“It pairs a high-quality business with an owner well positioned to support its next phase of growth, while enabling us to strengthen leadership in the markets and capabilities where we have the strongest competitive advantage,” Williamson continued. “The Colombia team has built a respected franchise, and we are confident it will continue to build on that momentum under AIG’s ownership.”
Evercore acted as AIG’s financial adviser and Willkie Farr & Gallagher LLP and Brigard & Urrutia Abogados acted as legal counsel. Everest’s financial adviser was Guy Carpenter Capital & Advisory, a division of MMC Securities LLC, while its legal counsel was Debevoise & Plimpton LLP.
Topics
Mergers & Acquisitions
AIG
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