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AIG announced it has received approval to proceed with the acquisition of Everest Group’s renewals in Germany, France, Italy, Netherlands, Spain and Ireland.

The European Union deal is part of AIG’s $2 billion acquisition of Everest’s retail commercial insurance renewal rights, initially announced in October.

Starting January 1, 2026, Everest renewals in these six countries will transfer to AIG capacity, AIG explained in its .

AIG said it received approval to proceed with the transaction in the EU-listed countries on Friday, December 12.

“We purchased the renewal rights for approximately $300 million with a potential downward adjustment of up to $70 million, depending on how much of the portfolio is renewed with AIG,” according to AIG’s Chairman & CEO Peter Zaffino, in an analysts’ call to discuss Q3 2025 results on November 5.

“In terms of the portfolio, it’s well diversified across geographies and classes of business. The largest portion of the in-force eligible gross premiums written is in the United States at $1.3 billion, followed by Europe at $400 million, the UK at $150 million, Australia at $80 million and Singapore at $70 million,” Zaffino continued.

“Approximately 60% of this portfolio will renew in the first half of 2026. Canada, Latin America and certain lines of business, including aviation, surety and wholesale are specifically excluded,” he said.

“We intend to make the renewals as seamless as possible, and we are fully committed to partnering with brokers and clients to renew all of Everest’s expiring capacity and terms,” according to Paride Della Rosa, chief executive officer, AIG EMEA, in a memo issued to UK brokers to discuss today’s European renewal announcement.

Exposure to all liabilities will remain with Everest, which also will continue to administer claims with respect to its policies, AIG said.

“We expect these renewal rights transactions to drive incremental growth in our general insurance portfolio, and we will be able to write these policies within our existing balance sheet with no incremental capital required,” Zaffino said in the October announcement.

“This transaction adds further scale to AIG’s upper middle and large account retail insurance book, providing an opportunity to drive premium growth without adding meaningful costs,” he said in the Q3 earnings call. “The actions we have taken over the past several years have positioned us with the balance sheet and liquidity to pursue compelling opportunities when they materialize.”

Also in October, AIG announced it would become a minority equity investor in Convex Group Ltd., the Bermuda-based specialty insurer and reinsurer. In a deal expected to close in the first half of 2026, private equity firm Onex Corp. will acquire a 63% equity stake in Convex for approximately $3.8 billion, while AIG will acquire a 35% equity stake in Convex for approximately $2.1 billion. The balance will be owned by the Convex management team.

“We announced strategic investments with Convex Group, Onex Corp. and a transaction with Everest Group. These will strengthen AIG’s long-term value and strategic positioning, and we expect they will be earnings, EPS and ROE accretive one year after closing…,” Zafino said in the Q3 earnings call.

Topics Mergers & Acquisitions Europe AIG