Everest Group, a Bermuda-headquartered specialty reinsurance and insurance provider, has agreed to sell its Mexico insurance business to Fairfax Financial Holdings, as the company continues to step back from commercial retail insurance operations.
The agreement follows Everest’s separate deals to sell its insurance businesses in Colombia and Canada. The company said the transactions form part of its strategy to focus on its core Reinsurance and Global Wholesale and Specialty franchises.
The deal will see Fairfax acquire Compañía de Seguros Generales Everest México S.A. de C.V., Everest’s Mexico-based insurance operation. The transaction is expected to complete in 2027, subject to regulatory approvals and other closing conditions.
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 has more than 50 years of underwriting experience and its 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, “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.”
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