Everest Group has completed the sale of its Canadian retail insurance operation to Wawanesa Mutual Insurance Co, marking another step in the Bermudian-based company’s move away from commercial retail business.

Everest said the sale of Everest Insurance Co of Canada had the required regulatory approvals and met closing conditions.

The deal was first announced in March. At the time, Everest said Canada was its largest remaining retail platform and that the sale would help it concentrate capital and underwriting expertise on its core reinsurance and global wholesale and specialty insurance businesses.

Jim Williamson, Everest’s president and chief executive, said: “The completion of this transaction further sharpens Everest’s portfolio and positions the company to concentrate its capital and capabilities on its core reinsurance and global wholesale and specialty insurance businesses.”

The transaction is part of a wider strategic repositioning by the global re/insurer, whose corporate headquarters are in Bermuda.

Last year, Everest agreed to sell renewal rights for much of its commercial retail insurance business in the United States, United Kingdom, Europe and Asia-Pacific to American International Group. It has since also agreed to sell its Colombian insurance operation to AIG while a planned disposal of its Mexican business is still subject to regulatory approval.

Everest has moved the divested and held-for-sale retail businesses into a legacy segment as it reshapes its reporting structure around reinsurance and wholesale and specialty insurance.

Wawanesa, one of Canada’s largest mutual insurers, said when the agreement was announced that the acquisition would broaden its commercial insurance capabilities.

Evan Johnston, Wawanesa’s president and CEO, said at the time that Everest Canada had developed a respected commercial operation with specialty-lines expertise and a disciplined underwriting culture.

Everest was advised on the transaction by Ardea Partners, Debevoise & Plimpton and Stikeman Elliott. TD Securities and Torys advised Wawanesa.