American International Group, Inc. (AIG) announced it has entered into definitive agreements to acquire the renewal rights for a majority of Everest Group Ltd.'s retail insurance portfolios worldwide. These portfolios represent approximately $2 billion of premium in aggregate.
This strategic acquisition will provide AIG with access to future business from Everest's retail commercial insurance operations across the US, UK, Europe, and Asia-Pacific. A key aspect of the deal is that exposure to all liabilities will remain with Everest, which will also continue to administer claims for its existing policies.
The transaction is expected to drive significant premium growth for AIG without inheriting the associated historical liabilities. This move sharpens AIG's focus on expanding its core General Insurance business and leveraging its global franchise for profitable growth.
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