American International Group (NYSE: AIG) has agreed to acquire Everest Compañía de Seguros Generales Chile S.A. from Everest Group (NYSE: EG), expanding its commercial insurance operations in Latin America.
AIG also confirmed the completion of its previously announced acquisition of Everest Compañía de Seguros Generales Colombia S.A. The two transactions strengthen AIG’s established presence in the region and support its long-term commercial insurance growth strategy.
- AIG has signed a definitive agreement to acquire Everest Chile and completed its previously announced acquisition of Everest Colombia.
- The Chile transaction, covering licensed operations, employees and existing insurance business, is expected to close in the first half of 2027.
- The transactions represent Everest’s final planned divestitures in Latin America as the group continues its strategic exit from commercial retail insurance.
For Everest, the agreement to sell its Chilean subsidiary represents the final planned divestiture of its Latin American insurance operations as part of its broader withdrawal from commercial retail insurance.
AIG expands commercial insurance operations in Chile and Colombia
Everest Chile serves corporate and upper-middle-market clients, providing coverage across property, energy, marine, financial lines and casualty insurance.
Under the agreement, AIG subsidiaries will acquire Everest Chile’s licensed insurance operations, employees and existing business portfolio.
Jon Hancock, Executive Vice President and Chief Executive Officer of General Insurance at AIG, said the acquisition would expand the company’s capabilities for commercial clients and brokers across Latin America, following the purchase of Everest’s Colombian operations.
Colombia and Chile are the fourth- and fifth-largest corporate insurance markets in Latin America, respectively, according to Hancock.
He identified continued investment in infrastructure, energy, logistics and manufacturing as factors supporting demand for commercial insurance products in both markets.
We look forward to welcoming the talented Everest Chile and Colombia teams to AIG and building on their established relationships as we help solve complex risk challenges for our clients and partners in the market.
Jon Hancock, Executive Vice President and Chief Executive Officer of General Insurance at AIG
The Chile acquisition is expected to close during the first half of 2027, subject to regulatory approvals and customary closing conditions.
AIG and Everest said they would coordinate the transition for employees, clients and broker partners.
Everest advances strategic exit from commercial retail insurance
The transactions form part of Everest Group’s efforts to concentrate its operations on businesses aligned with its long-term strategic priorities.
The sale of Everest Chile is the final planned divestiture of the group’s Latin American insurance operations, following the completed transfer of Everest Colombia to AIG.
Jim Williamson, President and Chief Executive Officer of Everest, said the transactions represent progress toward creating a more focused organisation.
“These 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,” Williamson said. “We have been deliberate in aligning our operations with our strategic priorities, and these transactions bring us closer to completing that work.”
Williamson also thanked Everest’s Latin American employees for their contributions to the business.
Legal and financial advisers on AIG’s acquisitions
Willkie Farr & Gallagher LLP and Carey y Cía. Ltda. served as legal counsel to AIG on the agreement to acquire Everest Chile.
For the completed Everest Colombia transaction, Evercore acted as financial adviser, while Willkie Farr & Gallagher LLP and Brigard Urrutia provided legal counsel to AIG.
The companies did not disclose the financial terms of either transaction.
Completion of the Chile sale remains subject to regulatory approvals and other customary conditions, with closing anticipated in the first half of 2027.
