American International Group has entered into definitive agreements to acquire the renewal rights for a majority of Everest Group’s retail insurance portfolios worldwide, representing in aggregate approximately $2 billion of premium.

Exposure to all liabilities will remain with Everest, who will also continue to administer claims with respect to its policies.

“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, AIG’s chairman and CEO.

“Jim Williamson, president and CEO of 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.

“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.”

Terms of the agreements were not disclosed. Other than in the European Union, AIG expects to commence writing policies for existing Everest clients on January 1.

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