WINNIPEG, Manitoba, March 23, 2026 (GLOBE NEWSWIRE) -- The Wawanesa Mutual Insurance Company (“Wawanesa”) announced today it has entered into an agreement to acquire Everest Insurance Company of Canada (“Everest Canada”), the Canadian Retail Insurance operations of Everest Group, Ltd. (“Everest”) – a global specialty reinsurance and insurance leader.

The acquisition will significantly strengthen Wawanesa’s influence in the Canadian market. Everest Canada brings an extensive portfolio of specialty commercial insurance products, including cyber, accident and health, aviation, marine, professional liability, and property and casualty for larger businesses with unique, emerging, or complex needs.

The addition of these offerings, combined with Everest Canada’s established presence in key markets, will accelerate Wawanesa’s diversification and growth priorities. The transaction is expected to add approximately $305 million in annual commercial lines premiums – an increase of roughly 30% from Wawanesa’s current volume.

“Wawanesa has bold ambitions for the future and a firm commitment to growing our commercial presence across Canada,” said Evan Johnston, 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 organization, significantly elevating our competitive edge and better positioning us to thrive in a rapidly evolving market.”

As a 100% Canadian-owned and operated mutual insurance company backed by more than 129 years of stability, $11.5 billion in assets, and a rating of A (Excellent) from AM Best, Wawanesa has the financial strength and long-term vision to leverage Everest Canada’s proven model. Wawanesa intends to operate Everest Canada separately, retaining and supporting key personnel so they can continue leading the business, deepening relationships with broker partners, and delivering for commercial clients.

“This transaction reflects Everest’s continued focus on our core global reinsurance and wholesale and specialty insurance businesses,” said Jim Williamson, Everest President and CEO. “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.”

To implement the transaction, Wawanesa has entered into a Purchase and Sale Agreement with a wholly owned subsidiary of Everest, under which Wawanesa will acquire all issued and outstanding shares of Everest Canada.

Upon the closing of the transaction, Everest Canada will enter into a Loss Portfolio Transfer Reinsurance Agreement ("LPT") with Everest Reinsurance Company, a Delaware reinsurance company and subsidiary of Everest, operating through its Canadian branch. Pursuant to the LPT, exposure to all liabilities of Everest Canada with respect to insurance policies issued by Everest Canada prior to closing of the transaction will be retained by Everest. Everest Canada will continue to administer claims with respect to these policies on behalf of Everest.

Everest Canada and Everest will also enter into a Transition Services Agreement, under which an Everest affiliate will provide certain transition services to Everest Canada for a period of time following closing of the transaction.

The transaction is subject to customary closing conditions, including approval from the Minister of Finance and clearance under the Competition Act (Canada), and is expected to close in the fourth quarter of 2026.

Wawanesa retained TD Securities Inc. as its exclusive financial advisor and Torys LLP as its legal advisor for the transaction. Ardea Partners LP acted as exclusive financial advisor and Debevoise & Plimpton LLP and Stikeman Elliott LLP as legal advisors to Everest.

About Wawanesa
The Wawanesa Mutual Insurance Company (“Wawanesa”), founded in 1896, is one of Canada’s largest mutual insurers, with over $4 billion in annual revenue and assets of $11.5 billion. Wawanesa, with its National Headquarters in Winnipeg, is the parent company of Wawanesa Life, which provides life insurance products and services throughout Canada, and Western Financial Group, which distributes personal and business insurance across Canada. Wawanesa proudly serves more than 1.87 million members in Canada. The company actively gives back to organizations that strengthen communities, donating more than $3.5 million annually to charitable organizations, including over $2 million annually in support of people on the front lines of climate change. Learn more at wawanesa.com.

About Everest
Everest Group, Ltd. (“Everest”) is a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions that address customers’ most pressing challenges. Known for a 50-year track record of disciplined underwriting, capital and risk management, Everest, through its global operating affiliates, is committed to underwriting opportunity for colleagues, customers, shareholders, and communities worldwide.

Everest common stock (NYSE: EG) is a component of the S&P 500 index.

Additional information about Everest, its people, and its products can be found on its website at everestglobal.com.

For more information:
Michel Rosset
Manager, Corporate Communications & Media Relations
The Wawanesa Mutual Insurance Company
media@wawanesa.com

Dawn Lauer
Chief Communications Officer
Everest Group, Ltd.
dawn.lauer@everestglobal.com
908-300-7670