1 October 2013 Insurance

AXA LM to acquire subsidiaries of Global Re

AXA Liabilities Managers (AXA LM), a specialist in non-life re/insurance legacy business acquisition and management, will acquire the international subsidiaries of German run-off company, Global Reinsurance. The transaction will be made through AXA LM’s investment vehicle AXA DBIO which invests in run-off acquisitions.

Global Re, once the sixth largest reinsurance group in the world, mainly wrote non-life risks. It was placed in run-off in October 2002. Via this transaction, AXA LM will acquire Global Re’s subsidiaries in the US, Switzerland, Canada and Australia. These subsidiaries employ 60 people. Their gross reserves total $400 million.

Founded in 2001 to proactively manage AXA’s non-life reinsurance liabilities, AXA LM signs its tenth acquisition on the external market and its eighth with a German seller. The company implemented a strategic turn in 2008 towards the acceleration of finality for liabilities under management and the acquisition of non-AXA portfolios.

“We are very pleased to continue our external development with the acquisition of Global Re’s international subsidiaries,” said Cédric de Linares, CEO of AXA LM. “This transaction, which positions us as the unchallenged and most successful run-off acquirer in the German market, is a perfect fit with our core business and strategy. We are eager to pursue Global Re’s efforts to proactively and professionally manage these portfolios.”

The transaction is subject to the approval of GLOBAL Re’s supervisory board and of regulators.


More on this story

Insurance
10 November 2023   It has appointed a new SVP of insurance products.
Insurance
29 August 2023   The partnership will enable Verisk to service Egypt’s insurance market.
Insurance
28 July 2023   The re/insurer to globally deploy AXA Secure GPT to its 140,000 employees soon.

More on this story

Insurance
10 November 2023   It has appointed a new SVP of insurance products.
Insurance
29 August 2023   The partnership will enable Verisk to service Egypt’s insurance market.
Insurance
28 July 2023   The re/insurer to globally deploy AXA Secure GPT to its 140,000 employees soon.

Intelligent Insurer
Newton Media Ltd
Kingfisher House
21-23 Elmfield Road
BR1 1LT
United Kingdom