OTTAWA (dpa-AFX) - Everest Group, Ltd. (EG), a specialty reinsurance company, Monday announced that it has agreed to sell its Canadian Retail Insurance operations, Everest Insurance Company of Canada, to The Wawanesa Mutual Insurance Company.
The financial details of the deal, scheduled to close in the second half of the year, have not been disclosed
The deal is part of the company's strategic repositioning and is in line with its previously announced plan to exit its commercial retail insurance operations, following the 2025 sale of its global retail commercial insurance renewal rights to AIG.
With this the reinsurance firm wants to further focus on its core reinsurance and global wholesale and specialty insurance businesses.
Currently, EG shares are trading at $319.58, up 1.12% on the New York Stock Exchange.
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