Wawanesa Mutual Insurance Co. is expanding its commercial insurance capabilities with the acquisition of Everest Insurance Company of Canada, adding specialized products and expertise that will broaden its reach among Canadian businesses.
Wawanesa announced Sept. 8 that it has received all required regulatory approvals to complete the acquisition from Everest Group Ltd. The transaction, first announced in March, is expected to close before the end of the year, subject to customary closing conditions.
The deal will bring Everest Canada’s portfolio of specialty commercial insurance products, employees and industry expertise into the Wawanesa group of companies. Everest Canada will continue to operate as a distinct entity following the closing.
For Manitoba, the acquisition adds scale to one of the province’s largest financial services companies and strengthens Winnipeg’s position as a base for businesses serving national markets.
The expanded offering will give Wawanesa greater capacity to serve companies with specialized or complex insurance needs, supporting its strategy to diversify and grow its commercial insurance business.
“This is a major milestone in our journey to serve more Canadian organizations across an even broader range of industries, complex risks and unique needs,” said Evan Johnston, president and CEO of Wawanesa. Founded in Winnipeg in 1896, Wawanesa reported more than $4.1 billion in annual revenue in 2025 and $12.5 billion in assets. It serves more than 1.8 million members across Canada and is the parent company of Wawanesa Life and Western Financial Group.
The acquisition comes as businesses face increasingly complex risks, including supply-chain disruptions and severe weather. Greater access to specialized insurance products can help companies manage those risks as they invest and expand.
The transaction adds scale and commercial expertise to a Manitoba-headquartered company while expanding the insurance options available to businesses across Canada.
