29 November 2016Insurance

AXIS Capital to acquire aviation re/insurer Aviabel

AXIS Capital has entered into an agreement to acquire aviation re/insurer Aviabel, in order to help expand its footprint in the global aviation market.

The Belgium-based Aviabel will support the continued expansion of AXIS insurance’s aviation operations globally.

Aviabel has a portfolio of partnerships and clients in many locations worldwide and has gross premiums written of approximately €50 million.

Its products include general aviation, airlines, airports, pilots and crews, and aerospace manufacturers.

Aviabel’s brand, along with its Dutch brand NLP (Nederlandse Luchtvaartpool) will be retained, along with its branches in Brussels and Amsterdam.

The “Aviabel” brand, including its Dutch brand “NLP” (“Nederlandse Luchtvaartpool”), will be retained as Belgium-based Aviabel supports the continued expansion of AXIS insurance’s aviation operation globally.

AXIS will keep the company’s locations in Brussels and Amsterdam.

“AXIS is committed to the aviation market for the long term and, through this acquisition, we’re increasing our scale and market relevance,” said Mark Gregory, CEO of AXIS insurance’s international division.

“Aviabel is a highly trusted and respected brand, with a portfolio that complements our existing business, expands our presence into the general aviation and smaller account segments, as well as increases our geographic footprint in aviation.

“Aviabel is also a great cultural fit – like AXIS, it is a specialty company that is entrepreneurial and agile and that places a very high priority on its clients and its employees.”

Cécile Coune, CEO of Aviabel, added: “Becoming part of AXIS provides an opportunity to benefit from the financial strength and resources of a global carrier and to significantly enhance the services and programs that we offer to our clients and our employees.

“Further, AXIS is a company with a strong understanding of today’s transformed insurance marketplace and its leadership has a clear vision for where the industry is heading. This is the beginning of an exciting new chapter for Aviabel, our team and our clients.”

The transaction is subject to regulatory approval and other customary closing conditions.

More on this story

6 July 2017   AXIS Capital is to acquire Lloyd's insurer Novae Group for £468 million ($604 million) in an all-cash deal based on paying 700 pence per Novae share. The transaction is expected to close in the fourth quarter of 2017.
30 November 2016   AXIS Capital has decided to acquire aviation re/insurer Aviabel, underscoring its long-term commitment to the aviation market despite significant pricing pressure.

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