Chaucer and AXA partner on specialty business in Africa

Specialist Lloyd’s insurance group Chaucer has formed a strategic partnership with AXA to support the development of a new specialty insurance business in Africa.

The partnership with AXA’s African distribution network will help Chaucer to extend its specialty underwriting reach and access more specialty business in this rapidly growing market.

Chaucer currently has a 12 percent share of Lloyd’s of London premiums written in the region and is a market leader in African specialty insurance business. Chaucer will share the specialty business with AXA through the formation of a Special Purpose Syndicate.

Johan Slabbert, chief executive officer (CEO) of Chaucer, said: “We are delighted to be AXA’s chosen partner in developing specialty insurance business in Africa. This partnership highlights the growth opportunities that this region provides, as well as demonstrates our capabilities in emerging markets and our talent for working creatively with industry partners.

“Our strategic alliance with AXA will deepen our access to the African marketplace, which will produce significant advantages for Chaucer in the years ahead.”

Denis Duverne, deputy CEO of the AXA Group, added: “Lloyd’s of London is a unique underwriting institute and we are honoured to become a member of this esteemed community and, under its banner, to be able to better serve the needs of policyholders and brokers in Africa.

“Our strategic partnership with Chaucer is important to the success of this venture, and I wish to thank them for their first class endeavours to date and look forward to our future success together.”