Everest Group, the Bermuda-headquartered specialty reinsurance and insurance provider, has entered into a definitive agreement to sell its Mexico insurance business to Fairfax Financial Holdings, as it continues to reshape its insurance portfolio.
The transaction will see Fairfax acquire Compañía de Seguros Generales Everest México S.A. de C.V., Everest’s Mexico-based insurance operation.
The sale forms part of Everest’s broader strategy of stepping back from its commercial retail insurance businesses, following separate agreements to sell its insurance operations in Colombia and Canada. The company expects the Mexico transaction to complete in 2027, subject to regulatory approvals and other customary closing conditions.
Everest said the move supports its focus on its core Reinsurance and Global Wholesale and Specialty franchises, as the company looks to become a more focused organisation.
Everest operates as a global underwriting specialist across property, casualty and specialty reinsurance and insurance markets, supported by a network of affiliates internationally. The company’s common stock is included in the S&P 500 index.
Everest CEO Jim Williamson said, “This agreement reflects the disciplined execution of our strategic priorities and continues the transformation of Everest into a more focused, higher-performing organization.
“By sharpening our investment in our core Reinsurance and Global Wholesale and Specialty franchises, we are positioning the Company to capitalize on the most attractive opportunities across our portfolio.”
Williamson added that Everest was pleased to have found a strong long-term owner in Fairfax for its Mexico business and thanked colleagues in Mexico for their contributions to the company.
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