A Winnipeg-based mutual insurer is expanding its commercial capabilities through a deal to acquire the Canadian operations of a global specialty insurer.
The Wawanesa Mutual Insurance Company, headquartered in Winnipeg, has agreed to purchase Everest Insurance Company of Canada, the local retail arm of Everest Group, Ltd., which is based in Hamilton, Bermuda, a British Overseas Territory.
The unit being acquired focuses on specialty commercial lines, including cyber, aviation, marine, accident and health, professional liability and property and casualty coverage for complex risks. Its portfolio also includes commercial automobile exposure, such as fleet insurance for business vehicles, rather than personal auto policies.
The acquisition is expected to add about $305 million in annual commercial premiums, increasing Wawanesa’s commercial book by roughly 30%.
“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.”
Founded in 1896, Wawanesa is one of Canada’s largest mutual insurers, with more than $11.5 billion in assets and over $4 billion in annual revenue. It provides personal and commercial insurance products to approximately 1.87 million members across the country.
Everest operates globally as a specialty insurer and reinsurer, with a focus on property, casualty and specialty risks. The transaction aligns with its strategy to concentrate on reinsurance and wholesale and specialty insurance operations.
“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.”
Wawanesa plans to keep the Canadian business operating as a standalone unit, with its existing team remaining in place and broker relationships maintained.
As part of the transaction structure, Everest will retain responsibility for liabilities tied to policies written before closing through a reinsurance arrangement, while the Canadian unit will continue handling claims on its behalf.
The deal is subject to regulatory approvals, including federal sign-off, and is expected to close in the fourth quarter of 2026.
