AXA Liabilities Managers (AXA LM), a specialist run-off acquirer and manager owned by AXA, has secured the go-ahead from German financial watchdog BaFin to purchase a reinsurance portfolio from AXA Versicherung.
The deal is AXA LM’s 12th in the German market and 22nd overall.
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The acquired proposition is a legacy assumed treaty reinsurance portfolio. It includes property and casualty business lines covering aviation, APH, marine as well as motor.
An investment vehicle run by AXA LM will be used to execute the deal.
The latest transaction comes close on the heels of AXA LM’s purchase of RenaissanceRe (UK) from RenaissanceRe Holdings.
The RenaissanceRe deal awaits regulatory approval and is anticipated to wrap up later in 2020.
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By GlobalDataAXA LM CEO Sylvain Villeroy de Galhau said: “The acquisition of RenaissanceRe UK limited announced earlier this month and this latest acquisition are key milestones in AXA LM’s investment journey.”
AXA LM, set up in 2001, is based in France. It also has a presence in the UK, Switzerland, US, Dubai, and Malaysia.
It manages as well as acquires legacy re/insurance operations.
Using its funds, the entity has acquired 22 portfolios since inception.
In 2018, AXA LM purchased a majority stake in Emirates Re, a UAE-based independent Islamic reinsurance firm.
