Transaction forms part of Everest’s planned exit from its remaining commercial retail insurance operations
Everest has agreed to sell its Mexico insurance operations to Fairfax Financial Holdings as it continues to narrow its focus on reinsurance and global wholesale and specialty business.
The transaction will see Fairfax acquire Compañía de Seguros Generales Everest México.
The deal is expected to complete in 2027, subject to regulatory approvals and other customary closing conditions.
The agreement follows Everest’s recently announced deals to sell its insurance operations in Colombia and Canada.
The transactions reflect the group’s planned exit from its remaining commercial retail insurance businesses.
Jim Williamson, president and CEO of Everest, said: “This agreement reflects the disciplined execution of our strategic priorities and continues the transformation of Everest into a more focused, higher-performing organisation.
“By sharpening our investment in our core reinsurance and global wholesale and specialty franchises, we are positioning the company to capitalise on the most attractive opportunities across our portfolio.”
Williamson said Fairfax would provide a strong long-term owner for the Mexico operation.
“At the same time, we are pleased to have found a strong long-term owner in Fairfax for our Mexico business,” he said.
“I want to thank our colleagues in Mexico for their dedication and contributions to Everest, and I am confident they will continue to thrive as part of Fairfax,” Williamson added.
Guy Carpenter Capital and Advisory acted as financial adviser to Everest, while Debevoise and Plimpton provided legal counsel.
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