Everest Group Divests Canadian Retail Insurance Operations

Everest Group has agreed to divest its Canadian retail insurance operations, Everest Insurance Company of Canada, to Wawanesa Mutual Insurance for approximately CAD 410 million. This transaction hinges on standard regulatory approvals within Canada. The sale aligns with Everest Group's strategic focus on optimizing its portfolio and reallocating capital.

As part of the transaction, Everest Canada will execute a loss portfolio transfer with Everest Reinsurance Company’s Canadian branch, covering specified liabilities incurred before the sale's completion. Both parties will also establish a transition services agreement to ensure seamless operations following the transaction's conclusion.