Everest has agreed to sell its Mexico insurance operations to Fairfax Financial Holdings, continuing its strategic withdrawal from commercial retail insurance markets.
The transaction covers Compañía de Seguros Generales Everest México S.A. de C.V. (Everest Mexico) and is expected to close in 2027, subject to customary regulatory approvals and closing conditions.
The deal follows Everest's previously announced agreements to sell its Canadian retail insurance business to The Wawanesa Mutual Insurance Company and its Colombia insurance operations to AIG. It also comes after the company agreed last year to transfer the renewal rights for its U.S., U.K., European and Asia-Pacific commercial retail businesses to AIG.
The Mexico sale forms part of Everest's broader strategy to exit its remaining commercial retail insurance operations and focus on its core reinsurance and specialty businesses.
"This agreement reflects the disciplined execution of our strategic priorities and continues the transformation of Everest into a more focused, higher-performing organization," said Jim Williamson, president and chief executive officer of Everest.
"By sharpening our investment in our core Reinsurance and Global Wholesale and Specialty franchises, we are positioning the company to capitalize on the most attractive opportunities across our portfolio."
Williamson added that Fairfax would be a strong long-term owner for the Mexico business and thanked Everest's employees in the country for their contributions.
Guy Carpenter Capital & Advisory is acting as financial adviser to Everest on the transaction, while Debevoise & Plimpton LLP is serving as legal counsel.
