Insurance giant AIG is set to acquire the renewal rights for the majority of Everest Group’s global retail insurance portfolio worth $2 billion in premiums, sources with intimate knowledge of the deal told Fortune.
The agreement with Everest, one of the world’s largest reinsurance and insurance solutions firms, is part of AIG CEO Peter Zaffino’s transformation effort at the century-old insurance company. It will also ease Everest’s loss reserve management issues after it underestimated claim costs in its U.S. casualty insurance business, leaving the firm in need of capital.
Insiders say that AIG expects to begin writing policies for existing North America Everest clients by the start of 2026. As for clients in the European Union, AIG is positioned to begin working on that portfolio during Q1 of 2026, depending on regulatory approvals.
AIG, a $44 billion insurance company, already serves more than 88 million commercial and personal customers worldwide, operating in more than 200 countries and jurisdictions. Everest also serves millions of policy holders, but is substantially smaller, valued at approximately $14.5 billion.
Meanwhile, Everest has hired multiple senior executives from AIG in recent years including the company’s former legal chief Anthony Vidovich, who was named executive vice president and general counsel of Everest on Oct. 16.
