Everest Group, the Bermudian-based global specialty reinsurer and insurer, is selling its business in Mexico to Fairfax Financial Holdings.

The sale of Compañía de Seguros Generales Everest México follows Everest’s announcements that it would sell its Colombia and Canada insurance operations as part of its planned exit from its remaining commercial retail insurance businesses.

Jim Williamson, chief executive officer 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.

“At the same time, we are pleased to have found a strong long-term owner in Fairfax for our Mexico business. 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.”