Business Moves: Everest Completes Sale of Canadian Retail Operations to Wawanesa; Arthur J. Gallagher & Co. Buys New Zealand’s Albany Insurance Services
Everest Group Ltd., the Bermuda-based specialty re/insurer, announced the completion of the previously announced sale of its Canadian retail Insurance operations, to Wawanesa Mutual Insurance Co.
In connection with the Everest acquisition, Wawanesa launched a unit called “WSI,” which comprise former Everest Canada operations.
“The introduction of WSI marks an important moment in the Canadian specialty market,” said Evan Johnston, President & CEO of Wawanesa. “We saw a company with remarkable characteristics and an impressive track record. We’re excited to build on that success and help WSI in creating something even greater for organizations across our country and the communities they serve.”
“Operating as a distinct organization within the Wawanesa group of companies, WSI retains the highly sought-after expertise, outstanding talent, and underwriting discipline that established Everest Canada as a respected player in the specialty market,” Wawanesa said. “Now, with the backing of one of Canada’s largest mutual insurers, WSI is redefining what’s possible in the specialty market, helping organizations navigate complex risks so they can thrive in a changing world.”
WSI will continue to deliver specialty insurance solutions across cyber, accident and health, aviation, marine, energy, construction, directors and officers liability, professional liability, property, and casualty.
“The introduction of WSI marks an important moment in the Canadian specialty market,” said Evan Johnston, president & CEO of Wawanesa in a statement. “We saw a company with remarkable characteristics and an impressive track record. We’re excited to build on that success and help WSI in creating something even greater for organizations across our country and the communities they serve.”
Everest said the sale, which was first announced on March 23, 2026, furthered its strategy to exit its Commercial Retail Insurance operations and has advanced the company’s aim to focus on its core Reinsurance and Global Wholesale and Specialty businesses.
“The completion of this transaction further sharpens Everest’s portfolio and positions the company to concentrate its capital and capabilities on its core Reinsurance and Global Wholesale and Specialty Insurance businesses,” said Jim Williamson, Everest president and CEO.
Advisers to the transaction include Ardea Partners LP as exclusive financial adviser and Debevoise & Plimpton LLP and Stikeman Elliott LLP as legal advisers to Everest. TD Securities acted as exclusive financial adviser and Torys LLP acted as legal adviser to Wawanesa.
The Wawanesa Mutual Insurance Co., founded in 1896, is one of Canada’s largest mutual insurers, with over C$4 billion in annual revenue and assets of C$11.5 billion. Headquartered in Winnipeg, Wawanesa is the parent company of Wawanesa Life, which provides life insurance products and services, and Western Financial Group, which distributes personal and business insurance across Canada.
Arthur J. Gallagher & Co. Buys New Zealand’s Albany Insurance Services
Arthur J. Gallagher & Co. announced the acquisition of New Zealand-based, retail insurance broker Albany Insurance Services Ltd.
Terms of the transaction were not disclosed.
Albany Insurance serves commercial and personal lines clients in New Zealand’s Auckland and Canterbury regions. The Albany Insurance team, led by Jeremy Bleakley, will operate under the direction of Carl O’Shea, head of Gallagher’s New Zealand retail brokerage operations.
“Albany Insurance’s market expertise and client-first culture will enhance our brokerage operations in New Zealand,” said J. Patrick Gallagher Jr., chairman and CEO. “I am delighted to welcome Jeremy and his associates to Gallagher.”
Headquartered in Rolling Meadows, Illinois, Arthur J. Gallagher & Co. is a global insurance brokerage, risk management and consulting services firm, operating in approximately 130 countries through its owned operations and a network of correspondent brokers and consultants.