The run-off arm of AXA Liabilities Managers has closed its acquisition of German run-off company Global Reinsurance following regulatory approval. The deal was first announced in September last year.
Global Re was once the sixth largest reinsurance group in the world, mainly underwriting non-life risks. It was placed in run-off in October 2002.
Through this transaction, AXA LM has acquired Global Re’s subsidiaries in Australia, Canada, Switzerland and the US, with a total of $400 million gross reserves.
Founded in 2001 to manage AXA’s run-off business, this deal represents AXA LM’s tenth acquisition and its eighth with a German seller.
The company said it will continue to actively pursue the acquisition of new portfolios.
“We are very pleased to have finalised this major acquisition and to welcome a recognized team of legacy professionals,” said Cédric de Linares, chief executive officer of AXA LM. “The regulatory approval went smoothly, which reflects AXA LM’s credibility as an acquirer on the run-off market.”
AXA, AXA LM, Europe, Global Re, Cédric de Linares