AIG to acquire renewal rights for majority of group’s retail insurance portfolios

AIG has acquired the renewal rights for a majority of Everest Group’s retail insurance portfolios worldwide.

The portfolios represent in aggregate approximately $2bn of premium. Exposure to all liabilities will remain with Everest, which will also continue to administer claims with respect to its policies.

Terms of the agreements were not disclosed.

“We expect these renewal rights transactions to drive incremental growth in our general insurance portfolio and we will be able to write these policies within our existing balance sheet with no incremental capital required,” said Peter Zaffino, chairman and chief executive at AIG.

Writing policies

Other than in the European Union, AIG expects to commence writing policies for existing Everest clients on 1 January 2026.

The company expects to expand this work to Everest’s European Union portfolios in the first quarter of 2026, subject to regulatory approvals.

“Jim Williamson, president and chief executive at Everest Group, and the underwriting team at Everest have done a very good job repositioning Everest’s global retail insurance portfolio and we see these portfolios as very additive to our business,” Zaffino said.

”We look forward to working closely with the Everest team to ensure a seamless transition for clients and brokers, while continuing to meet their needs with world-class solutions and exceptional service. AIG will continue to work with Everest Group as a key reinsurance partner.”