AIG agrees to buy Everest Group’s Colombia insurance unit

American International Group (AIG) has signed a woody to acquisition Everest Compañía de Seguros Generales Colombia, Everest Group’s security concern successful Colombia.

The determination volition grow AIG’s footprint successful Latin America.

Once the woody is completed, AIG subsidiaries volition instrumentality implicit the full equity of Everest Colombia, on with its authorised operations, unit and existing security portfolio.

AIG General Insurance CEO and enforcement vice-president Jon Hancock said: “This acquisition reinforces AIG’s committedness to our Latin America concern and volition alteration america to accelerate our maturation successful 1 of the largest and fastest-growing security markets successful the region.

“With this acquisition, we are gaining a highly experienced squad whose endowment and heavy knowing of the section marketplace volition fortify our capabilities. Everest Colombia’s absorption connected firm and upper-middle-market clients aligns with AIG’s committedness to grow our commercialized security offerings to clients and brokers crossed the Latin America region.”

AIG and Everest said they volition enactment unneurotic to supply an orderly handover for clients, brokers and employees.

The acquisition is scheduled for completion successful aboriginal 2027, taxable to regulatory clearance and modular closing requirements.

The woody follows Everest’s antecedently announced transportation of planetary commercialized retail security renewal rights to AIG and the merchantability of its Canada Retail Insurance business.

It represents a further measurement successful the company’s program to ore its portfolio connected halfway Global Reinsurance and Wholesale and Specialty Insurance operations.

Everest CEO and president Jim Williamson said: “This statement reflects our continued advancement successful executing our strategy and positioning Everest for sustained, semipermanent performance.

“It pairs a high-quality concern with an proprietor good positioned to enactment its adjacent signifier of growth, portion enabling america to fortify enactment successful the markets and capabilities wherever we person the strongest competitory advantage.”

Earlier this month, AIG disposed astir 25 cardinal Corebridge Financial communal shares, ending its remaining concern successful the insurer.

The stock merchantability was completed connected 7 May and is expected to present astir $710m successful nett proceeds to AIG.

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