AXA acquires run-off portfolio of German insurer Gothaer
AXA Liabilities Managers, an AXA Group company specialising in non-life re/insurance legacy acquisitions, has closed its 18th acquisition on the external market with Cologne-based Gothaer Finanzholding.
The deal received regulatory approval from German financial regulator BaFin on June 26. The portfolio was composed of European motor and general liability reinsurance, and the outstanding reserves approximately total €19 million.
The transaction took the form of a loss portfolio reinsurance followed by a German portfolio transfer.
“This transaction builds on AXA LM’s successful track record in Germany and we are pleased to have partnered with Gothaer by providing a legal finality solution for its legacy assumed reinsurance portfolio,” said Sylvain Villeroy de Galhau, CEO of AXA Liabilities Managers.
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