Everest Announces Agreement to Sell Mexico Insurance Operations to Fairfax

HAMILTON, Bermuda--(BUSINESS WIRE)--Everest Group, Ltd. (“Everest” or “the Company”) (NYSE: EG), a global specialty reinsurance and insurance leader, today announced that it has entered into a definitive agreement to sell Compañía de Seguros Generales Everest México S.A. de C.V. (“Everest Mexico”) to Fairfax Financial Holdings Limited (“Fairfax”) (TSX: FFH and FFH.U).

“This agreement reflects the disciplined execution of our strategic priorities and continues the transformation of Everest into a more focused, higher-performing organization,” said Jim Williamson, President and Chief Executive Officer of Everest. “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. 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.”

The transaction follows Everest's recent announcements of agreements to sell its Colombia and Canada insurance operations as part of its planned exit from its remaining commercial retail insurance businesses. It is expected to close in 2027, subject to customary regulatory approvals and closing conditions.

Advisors to the transaction include Guy Carpenter Capital & Advisory, a division of MMC Securities LLC, as financial advisor and Debevoise & Plimpton LLP as legal counsel to Everest.

About Everest

Everest Group, Ltd. (Everest) is a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions that address customers’ most pressing challenges. Known for a 50-year track record of disciplined underwriting, capital and risk management, Everest, through its global operating affiliates, is committed to underwriting opportunity for colleagues, customers, shareholders, and communities worldwide.

Everest common stock (NYSE: EG) is a component of the S&P 500 index.

Additional information about Everest, our people, and our products can be found on our website at www.everestglobal.com.

Forward-looking Statements

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. Forward-looking statements about the sale transaction, strategic repositioning and Commercial Retail Insurance operations exit plans reflect management’s current expectations based on assumptions we believe are reasonable but are not guarantees of performance. Actual results may differ materially from those contained in forward-looking statements made on behalf of the Company. Forward-looking statements involve risks and uncertainties including the actual impact of the sale transaction, strategic repositioning and Commercial Retail Insurance operations exit plans and other factors described in our SEC filings, including but not limited to our latest Annual Report on Form 10-K. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.