Canadian ICMIF member Wawanesa has announced it has entered into an agreement to acquire Everest Insurance, the Canadian retail insurance operations of Everest Group Ltd.
Wawanesa says the transaction is expected to significantly strengthen the mutual’s position in the Canadian market and expand its commercial insurance capabilities. Everest Canada brings a broad portfolio of specialty commercial insurance products, including cyber, accident and health, aviation, marine, professional liability, and property and casualty solutions for larger and more complex businesses.
The acquisition supports Wawanesa’s diversification and growth strategy and is expected to add approximately CAD 305 million in annual commercial lines premiums – representing an increase of around 30% compared to its current volume.
“Wawanesa has bold ambitions for the future and a firm commitment to growing our commercial presence across Canada,” said Evan Johnston (pictured), President and CEO of Wawanesa. “The talent and expertise gained through this deal creates the momentum we need to serve more Canadian businesses across an even broader range of industries. This is a powerful strategic fit for our organisation, significantly elevating our competitive edge and better positioning us to thrive in a rapidly evolving market.”
Wawanesa, a 100% Canadian-owned mutual insurer with more than 129 years of history, CAD 11.5 billion in assets, and an A (Excellent) rating from AM Best, intends to operate Everest Canada as a separate business. The company plans to retain key personnel to ensure continuity, strengthen broker relationships, and maintain service delivery to commercial clients.
“This transaction reflects Everest’s continued focus on our core global reinsurance and wholesale and specialty insurance businesses,” said Jim Williamson, President and CEO of Everest. “We are proud of the strong, disciplined franchise our Canadian team has built and are confident that Wawanesa is the right partner to support its next phase of growth. We look forward to working closely with Wawanesa to ensure a seamless transition for clients, brokers, and colleagues.”
The transaction will be implemented through a purchase and sale agreement under which Wawanesa will acquire all issued and outstanding shares of Everest Canada.
Following completion, Everest Canada will enter into a loss portfolio transfer reinsurance agreement with Everest Reinsurance Company, under which liabilities relating to policies issued prior to closing will remain with Everest. Everest Canada will continue to administer claims on behalf of Everest. A transition services agreement will also be put in place to support operations for a period after closing.
The transaction remains subject to customary closing conditions, including regulatory approvals, and is expected to complete in the fourth quarter of 2026.
