American International Group (AIG) has entered into a definitive agreement to acquire Everest Group Ltd.’s insurance subsidiary in Chile — and completed its previously announced acquisition of Everest Colombia.
AIG (Credits: Insurance Journal)
The two transactions further strengthen AIG’s decades-long presence in Latin America, which the company describes as one of the world’s fastest-developing insurance markets. For Everest, the agreement marks the final planned divestiture of its Latin American insurance operations as part of its strategic exit from commercial retail insurance.
What AIG Gets in the Everest Chile Deal
Everest Chile — formally Everest Compañía de Seguros Generales Chile S.A. — serves corporate and upper-middle-market clients, with a portfolio spanning property, energy, marine, financial lines and casualty insurance. Upon completion, AIG subsidiaries will acquire Everest Chile’s licensed operations, employees and ongoing insurance business.
Jon Hancock, executive vice president and CEO of General Insurance at AIG, called the deal “another important step in expanding our commercial insurance capabilities for clients and brokers across Latin America.” He noted that Colombia and Chile are the fourth- and fifth-largest corporate insurance markets in Latin America, and that investment in infrastructure, energy, logistics and manufacturing continues to drive demand for commercial insurance solutions.
Everest’s Strategic Exit From Latin America
Jim Williamson, president and CEO of Everest, said the milestones “mark meaningful progress in building a stronger, more focused organization centered on the businesses where we see the greatest opportunity to deliver long-term value.”
The completed Everest Colombia acquisition and the agreed Everest Chile purchase move AIG deeper into Latin America’s corporate insurance sector — a bet that growing infrastructure and energy investment will keep driving commercial risk demand.
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Source: Insurance Journal — read the full story there.
