Wawanesa introduces WSI, creating a new chapter in Canadian specialty insurance

Same specialty expertise. Same underwriting approach. Same trusted relationships. Now backed by the strength, stability, and long-term outlook of one of Canada’s largest mutual insurers.

WINNIPEG, Manitoba, Oct. 01, 2026 (GLOBE NEWSWIRE) -- The Wawanesa Mutual Insurance Company ("Wawanesa") today announced the launch of WSI™, A Wawanesa Company (“WSI”), marking the completion of its acquisition of Everest Insurance Company of Canada ("Everest Canada") from Everest Group, Ltd. (“Everest”) and the beginning of an ambitious new chapter in Canadian specialty insurance.

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. 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.

Working closely with its distribution partners, WSI delivers specialty insurance solutions across cyber, accident and health, aviation, marine, energy, construction, directors and officers liability, professional liability, property, and casualty – each tailored around a client’s unique needs. While the company’s name and logo have changed, the proven business model and trusted relationships that have earned the confidence of organizations across Canada remain in place.

“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.”

Transition to WSI does not impact distribution partners, clients
        
There are no immediate changes to how clients and distribution partners work with WSI, with existing contacts, processes, underwriting approaches, and service agreements remaining in place. What has changed is the strength behind the business.

The new brand reflects a combination rarely found in the Canadian market: the agility and technical depth of a specialty insurer, paired with the financial strength, stability, and long-term outlook of one of Canada’s largest mutual insurers. Backed by its 130-year legacy, $12.5 billion in assets, and a rating of A (Excellent) from AM Best, Wawanesa provides a powerful foundation to support WSI’s continued growth.

“The risks facing Canadian organizations are continually evolving, becoming more complex and interconnected,” said Renato Rodrigues, President of WSI. “We’re already uniquely positioned to help clients navigate uncertainty with confidence. Now, as part of Wawanesa, we’re even better equipped to assist organizations unlock new opportunities as they adapt to emerging exposures.”

Initially announced in March and approved by applicable regulatory authorities in September, the acquisition expands Wawanesa’s commercial capabilities, elevating the insurer’s competitive edge. WSI’s established presence in key markets also accelerate Wawanesa’s diversification and growth priorities, enhancing its ability to serve more Canadians.

“We’re a strong, growing business with bold ambitions for the future,” said Johnston. “By bringing together the complementary qualities of Wawanesa and WSI, we’re further enhancing our commercial reach while building a more resilient organization that can meet the evolving needs of our members and clients, pursue avenues for growth, and create long-term value for Canadians.”

Wawanesa retained TD Securities Inc. as its exclusive financial advisor and Torys LLP as its legal advisor for the transaction. Ardea Partners LP acted as exclusive financial advisor and Debevoise & Plimpton LLP and Stikeman Elliott LLP as legal advisors to Everest.

To learn more about WSI or to start a conversation with one of its experts, visit wsico.com. WSI brand assets, including logos, can be downloaded by clicking here.

About Wawanesa Specialty Insurance Company (WSI)
WSI™, A Wawanesa™ Company, is a specialty insurer that helps Canadian organizations navigate complex risk to thrive in a changing world. Working closely with its distribution partners and clients, WSI combines deep expertise, disciplined underwriting, and responsive decision-making with a relationship-led approach to deliver tailored insurance solutions built around unique needs.

Acquired by Wawanesa in 2026, WSI offers the agility of a specialty insurer backed by the strength and stability of one of Canada’s largest mutual insurance companies. More information is available at wsico.com.

About The Wawanesa Mutual Insurance Company
Founded in 1896, The Wawanesa Mutual Insurance Company is one of Canada’s largest mutual insurers, fully owned by its more than 1.8 million members. Headquartered in Winnipeg, Wawanesa is the parent company of WSI™, a specialty insurer delivering tailored solutions built around unique needs; Wawanesa Life, a provider of life insurance products; and Western Financial Group, a leading national distributor of personal and commercial insurance.

Wawanesa is committed to helping communities thrive in a changing world. The company invests more than $4 million annually in charitable initiatives, including $2.5 million each year to support people and communities on the front lines of climate change. Learn more at wawanesa.com.

For more information:
Michel Rosset
Manager, Corporate Communications & Media Relations
The Wawanesa Mutual Insurance Company
media@wawanesa.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b4f35e9e-656f-4d26-a030-114556fb7b7f

WSI logo English

WSI logo English