American International Group Inc has penned an agreement to acquire the renewal rights of Everest Group Ltd’s global retail commercial insurance portfolio, which includes business in the UK, US, Europe and Asia Pacific with an estimated aggregated gross written premium of approximately £1.5bn.

Everest said the deal would allow it to put more focus on its reinsurance, wholesale and speciality insurance operations.

Peter Zaffino, chairman and CEO at 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.”

Apart from those in the European Union, AIG said it expects to start writing policies for existing Everest clients from 1st January 2026. It said European Union portfolios would follow at a later date in Q1 2026, subject to regulatory approvals.