Everest (NYSE: EG) to sell Canadian retail unit for CAD 410 million
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Everest Group, Ltd. agreed to sell its Canadian Retail Insurance operations, Everest Insurance Company of Canada, to The Wawanesa Mutual Insurance Company for CAD 410 million, subject to adjustment. The deal includes a loss portfolio transfer under which Everest Reinsurance Company (Canadian Branch) will reinsure certain pre-closing liabilities of Everest Canada.
The transaction supports Everest’s strategic repositioning and previously announced plan to exit Commercial Retail Insurance, following its 2025 sale of global Retail Commercial Insurance renewal rights to AIG. Closing is anticipated in the second half of 2026, subject to customary antitrust and insurance regulatory approvals in Canada and related transition and ancillary agreements.
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Insights
Everest is divesting its largest remaining retail platform to sharpen its reinsurance and wholesale focus.
Everest Group, Ltd. plans to sell Everest Insurance Company of Canada, its Canadian Retail Insurance operations, to Wawanesa for CAD 410 million, subject to adjustment. A related loss portfolio transfer will move certain pre-closing liabilities to Everest Reinsurance Company (Canadian Branch), clarifying legacy exposure on the sold book.
The move is described as another step in Everest’s strategic repositioning and its plan to exit Commercial Retail Insurance, following the 2025 sale of global Retail Commercial Insurance renewal rights to AIG. Everest Canada is called its largest remaining retail platform, so this sale further concentrates the business on core Reinsurance and Global Wholesale and Specialty Insurance.
The transaction is expected to close in the second half of 2026, subject to antitrust and insurance regulatory approvals in Canada and customary closing conditions. Actual financial and capital effects will depend on final purchase price adjustments, regulatory timing, and how retained and reinsured liabilities develop over time.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
March 23, 2026 (March 22, 2026 )
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction | (Commission | (IRS Employer | ||||||
| of incorporation) | File Number) | Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code 441 -295-0006
Not Applicable | ||
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Class | Trading Symbol(s) | Name of Exchange where registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
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| ITEM 1.01 | Entry into a Material Definitive Agreement | ||||
On March 22, 2026, Everest Underwriting Group (Ireland) Limited (“EUGIL”), an Irish company and direct subsidiary of Everest Group, Ltd. (the “Company”), entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with The Wawanesa Mutual Insurance Company, a mutual insurance company existing under the Insurance Companies Act (Canada) (“Buyer”), pursuant to which EUGIL agreed to sell to Buyer, or a Canadian affiliate thereof, all of the outstanding shares of capital of the Everest Insurance Company of Canada, a Canadian insurance company and a wholly owned subsidiary of EUGIL (“Everest Canada”), representing the Company’s Canadian Retail Insurance operations for CAD 410 million, subject to adjustment. The closing of the transaction pursuant to the Purchase Agreement is subject to the satisfaction of customary closing conditions, including the receipt of antitrust approval from the Commissioner of Competition and insurance regulatory approval from the Minister of Finance (Canada).
In connection with the Purchase Agreement, (i) Everest Canada will enter into a loss portfolio transfer reinsurance agreement with Everest Reinsurance Company (Canadian Branch), a Delaware reinsurance company and affiliate of EUGIL (“ERC”), pursuant to which ERC will reinsure certain liabilities of Everest Canada with respect to insurance business written prior to the closing of the transaction, (ii) EUGIL or an affiliate thereof and Buyer or an affiliate thereof will enter into a transition services agreement for specified transition services to be provided to Buyer and its affiliates and (iii) EUGIL and its affiliates, on the one hand, and Buyer and its affiliates, on the other hand, will enter into such other ancillary agreements as contemplated in the Purchase Agreement.
The above description of the Purchase Agreement is qualified in its entirety by reference to the full text of the Purchase Agreement, which the Company will file as an exhibit to a subsequent periodic report on Form 10-Q with the U.S. Securities and Exchange Commission.
Item 7.01 Regulation FD Disclosure
On March 23, 2026, the Company issued a news release announcing the execution of the Purchase
Agreement. A copy of the news release is furnished herewith as Exhibit 99.1 and is incorporated by reference.
The following information is being furnished under Item 7.01, “Regulation FD Disclosure.” This information
shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise
subject to the liabilities of that Section.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
| (d) | Exhibits | ||||||||||
| Exhibit No. | Description | ||||||||||
| 99.1 | Press Release of the Company, dated March 23, 2026 | ||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EVEREST GROUP, LTD. | ||||||||||||||
| By: | /s/ ROBERT J. FREILING | |||||||||||||
| Robert J. Freiling | ||||||||||||||
Senior Vice President and Chief Accounting Officer | ||||||||||||||
Dated: March 23, 2026
EXHIBIT INDEX
| Exhibit Number | Description of Document | |||||||
| 99.1 | Press Release of the Company, dated March 23, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
NEWS RELEASE |  | |||||||
EVEREST GROUP, LTD.
Seon Place, 141 Front Street, 4th Floor, Hamilton HM 19, Bermuda
Contacts
Media: Dawn Lauer Investors: Matt Rohrmann
Chief Communications Officer Head of Investor Relations
908.300.7670 908.604.7343
Everest Announces Agreement to Sell Canadian Retail Insurance Operations to The Wawanesa Mutual Insurance Company
HAMILTON, Bermuda -- (BUSINESS WIRE) – March 23, 2026 – Everest Group, Ltd. (“Everest” or “the Company”) (NYSE: EG), a global specialty reinsurance and insurance leader, today announced that it has signed a definitive agreement to sell its Canadian Retail Insurance operations, Everest Insurance Company of Canada (“Everest Canada”), to The Wawanesa Mutual Insurance Company (“Wawanesa”).
“This transaction represents a strong outcome for both organizations, our shareholders and our colleagues,” said Jim Williamson, President and Chief Executive Officer of Everest. “The Canadian Retail team has built a high-quality, disciplined portfolio. This agreement enables us to realize compelling value and to transition our colleagues to a growth-oriented organization committed to expanding its commercial retail presence in the Canadian market.”
This transaction marks another decisive step in Everest’s strategic repositioning and advances the Company’s previously announced plan to exit its Commercial Retail Insurance operations, following the 2025 sale of its global Retail Commercial Insurance renewal rights to AIG. Everest Canada is the Company’s largest remaining retail platform, and with this transaction, Everest is further sharpening its focus on its core Reinsurance and Global Wholesale and Specialty Insurance businesses.
Williamson added, “Consistent execution against our stated strategy remains a priority. This agreement further aligns our portfolio with our core underwriting strengths and supports our objective of generating sustainable, risk-adjusted returns over time.”
“Everest has built a respected commercial business in Canada, powered by strong talent, deep specialty lines expertise, and a disciplined, entrepreneurial underwriting culture,” said Evan Johnston, President and Chief Executive Officer of Wawanesa. “We look forward to welcoming the Everest Canada team and investing in their proven model to further expand our ability to serve more Canadian businesses across an even broader range of industries.”
The transaction is anticipated to close in the second half of 2026, subject to customary regulatory approvals and closing conditions. Advisors to the transaction include Ardea Partners LP as exclusive financial advisor and Debevoise & Plimpton LLP and Stikeman Elliott LLP as legal advisors to Everest. TD Securities acted as exclusive financial advisor and Torys LLP acted as legal advisor to Wawanesa.
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.
About Wawanesa
The Wawanesa Mutual Insurance Company (Wawanesa), founded in 1896, is one of Canada’s largest mutual insurers, with over CAD$4 billion in annual revenue and assets of CAD$11.5 billion. Wawanesa, with its National Headquarters in Winnipeg, is the parent company of Wawanesa Life, which provides life insurance products and services throughout Canada, and Western Financial Group, which distributes personal and business insurance across Canada. Wawanesa proudly serves more than 1.87 million members in Canada.
Additional information about Wawanesa can be found on website at wawanesa.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.
FAQ
What did Everest Group (EG) announce regarding its Canadian business?
Everest Group announced a definitive agreement to sell its Canadian Retail Insurance operations, Everest Insurance Company of Canada, to The Wawanesa Mutual Insurance Company. The deal is part of Everest’s broader strategic repositioning and exit from Commercial Retail Insurance activities.
How much is Wawanesa paying Everest Group (EG) for Everest Canada?
Wawanesa agreed to purchase Everest Insurance Company of Canada for CAD 410 million, subject to adjustment. This consideration covers all outstanding shares of Everest Canada and represents the sale of Everest’s Canadian Retail Insurance operations to a large Canadian mutual insurer.
When is the Everest Group (EG) sale of Everest Canada expected to close?
The transaction is anticipated to close in the second half of 2026. Completion depends on customary closing conditions, including antitrust approval from the Commissioner of Competition and insurance regulatory approval from the Canadian Minister of Finance.
How does the Everest Canada sale fit Everest Group’s (EG) strategy?
The sale is described as another decisive step in Everest’s strategic repositioning and its plan to exit Commercial Retail Insurance. Everest Canada is its largest remaining retail platform, so the deal sharpens focus on core Reinsurance and Global Wholesale and Specialty Insurance businesses.
What additional agreements are tied to the Everest Group (EG) and Wawanesa deal?
Alongside the purchase agreement, Everest Canada will enter a loss portfolio transfer with Everest Reinsurance Company (Canadian Branch), a transition services agreement will be executed, and other ancillary agreements between Everest and Wawanesa affiliates will support the operational transition after closing.
What prior action did Everest Group (EG) take in exiting Commercial Retail Insurance?
Everest previously advanced its exit from Commercial Retail Insurance by selling its global Retail Commercial Insurance renewal rights to AIG in 2025. The Everest Canada sale is positioned as a further step in executing this previously announced strategic plan.
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Mar 16, 2026
[8-K] EVEREST GROUP, LTD. Reports Material Event