Everest has agreed to sell its Colombia insurance operation to American International Group as the company embarks on a broader strategy to streamline its business and concentrate on core operations.

Everest announced that it had signed a definitive agreement to sell Everest Compañía de Seguros Generales Colombia SA, with the transaction expected to close in early 2027, subject to regulatory approvals and customary conditions.

The sale follows earlier moves by the company to exit parts of its retail insurance business, including the previously announced sale of its global commercial retail insurance renewal rights to AIG and the divestment of its Canadian retail insurance operations.

The latest transaction marks another step in Everest’s push to focus on its global reinsurance and wholesale and speciality insurance businesses, sectors where Bermudian-based insurers play a leading role internationally.

Jim Williamson, president and chief executive of Everest, said: “This agreement reflects our continued progress in executing our strategy and positioning Everest for sustained, long-term performance.

“It pairs a high-quality business with an owner well positioned to support its next phase of growth, while enabling us to strengthen leadership in the markets and capabilities where we have the strongest competitive advantage.”

Mr Williamson added that Everest’s Colombia team had built “a respected franchise” and said the company expected it to continue growing under AIG ownership.

Financial adviser on the transaction was Guy Carpenter Capital & Advisory, while legal counsel was provided by Debevoise & Plimpton.