Everest sells retail renewal rights to AIG for $301M; appoints Jason Keen CEO

EVEREST GROUP, LTD.

Sale of renewal rights for estimated $2B of gross premiums across US, UK, EU, Asia Pacific.
Base purchase price $252M for ROW and $49M for EU, plus $30M structuring fee.
AIG will pay $10M per month for 9 months for transition services.
Jason Keen appointed CEO of Global Wholesale and Specialty Insurance.
Transaction sharpens focus on Reinsurance and Wholesale/Specialty; capital released over time.

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