American International Group (AIG) has signed a definitive agreement to acquire Everest Compañía de Seguros Generales Colombia, the Colombian insurance division of Everest Group.

The deal aims to expand AIG's commercial insurance footprint across Latin America.

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Details of the Acquisition

Upon completion, AIG subsidiaries will acquire the entire equity of Everest Colombia.

This includes all authorized operations, the existing insurance portfolio, and current personnel.

The acquisition aligns with AIG's strategic goals for commercial expansion in the region's rapidly developing insurance markets.

Jon Hancock, AIG General Insurance CEO and executive vice-president, said the acquisition reinforces AIG's commitment to its Latin America business.

He added that it will enable the company to accelerate growth in one of the largest and fastest-growing insurance markets in the region.

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Hancock also highlighted that the local expertise of the incoming workforce will enhance service delivery to corporate clients.

“With this acquisition, we are gaining a highly experienced team whose talent and deep understanding of the local market will strengthen our capabilities,” he said.

Everest Colombia's focus on corporate and upper-middle-market clients matches AIG's commitment to expand commercial insurance offerings in Latin America.

Transition and Timeline

Both entities have pledged to collaborate closely during the transition phase to ensure continuity for employees, brokers, and clients.

The transaction is expected to close in early 2027, subject to standard closing conditions and regulatory approval.

This decision follows Everest's previous transfer of global commercial retail insurance renewal rights to AIG and the divestment of its Canada Retail Insurance branch.

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The sale allows Everest to focus its capital and resources on its primary global reinsurance alongside wholesale and specialty insurance lines.

Jim Williamson, Everest CEO and president, said the agreement reflects continued progress in executing the company's strategy and positioning for sustained long-term performance.

He noted that the transaction places the business under capable ownership while allowing Everest to sharpen its core market focus.

“It pairs a high-quality business with an owner well positioned to support its next phase of growth,” Williamson added.

Separately, AIG finalized the offloading of approximately 25 million common shares of Corebridge Financial on May 7.

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That divestment concluded AIG's remaining investment in the insurer and is projected to yield roughly $710 million in net proceeds.