AXA subsidiary purchases remaining part of Global Re
AXA Liabilities Managers (AXA LM), an AXA Group company specialising in non-life re/insurance legacy business, has purchased the remaining part of Global Re.
AXA LM has obtained the regulators’ approval for the acquisition of Global Re Germany. The transaction will be made through its investment vehicle AXA DBIO, which invests in run-off acquisitions.
The purchase follows the successful acquisition by AXA LM of Global Re subsidiaries in Australia, Canada, Switzerland and the United States in 2014.
Via this transaction, AXA LM will acquire gross reserves of €98 million in total.
Global Re, once the sixth largest reinsurance group in the world, mainly wrote non-life risks in the US, UK and Continental Europe. It was placed in run-off in October 2002.
Founded in 2001 to manage AXA’s run-off business, AXA LM has just signed its 15th acquisition on the external market and its 9th with a German seller.
Cédric de Linares, chief executive officer of AXA LM, said: “We are very pleased to have finalised this additional acquisition from the shareholders of the Global Re Group. This deal further evidences the appetite of AXA LM to acquire run-off portfolios and its strong position in the German market.”
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