Everest Group to Sell Canadian Retail Ops; Q1 Net Income $653M
Everest Group announced a definitive agreement to sell its Canadian Commercial Retail Insurance Operations to The Wawanesa Mutual Insurance Company, with the transaction expected to close in the second half of 2026. This strategic move follows the sale of renewal rights for its Global Commercial Retail Insurance business in October 2025, leading to a segment restructuring effective January 1, 2026. For the first quarter of 2026, the company reported a substantial increase in net income to $653 million, up from $210 million in the prior year, with basic earnings per share rising to $16.21. Despite a decrease in total revenues to $4,068 million, profitability improved significantly due to a considerable reduction in incurred losses and loss adjustment expenses.
Key Highlights
- Everest Group entered a definitive agreement to sell its Canadian Commercial Retail Insurance Operations to Wawanesa.
- The company restructured reportable segments to Reinsurance Treaty, Global Wholesale & Specialty, and Legacy.
- Q1 2026 Net Income increased significantly to $653 million from $210 million in Q1 2025.
- Basic Earnings Per Share rose to $16.21 in Q1 2026 from $4.90 in Q1 2025.
- Total Revenues for Q1 2026 were $4,068 million, down from $4,263 million in Q1 2025.
- Incurred losses and loss adjustment expenses decreased to $2,217 million from $2,893 million.
- Net investment income increased to $567 million in Q1 2026 from $491 million in Q1 2025.
- A dividend of $2.00 per share was declared for Q1 2026.