AXA Liabilities Managers acquires run-off portfolio of German insurer

Specialist run-off acquirer and manager, AXA Liabilities Managers has acquired the run-off portfolio of Düsseldorf-based German insurer Provinzial Rheinland. The property/casualty reinsurance portfolio was put into run-off in 1996.

The deal, made through AXA Liabilities Managers’ investment vehicle AXA DBIO which invests in run-off acquisitions, marks AXA’s 16th acquisition and its 10th with a German seller.

Sylvain Villeroy de Galhau, CEO of AXA Liabilities Managers, said: “AXA Liabilities Managers’ successful acquisition strategy keeps on building momentum as proved by the acquisition of a new portfolio on the German market in 2016.

“This deal was won after competing with other run-off players, which confirms AXA Liabilities Managers’ attractiveness for sellers and positions us as a strong competitor in the run-off market.”