AXA transfers £600m liability book to RiverStone
AXA Insurance UK is transferring its historical disease liability book of business to re/insurer RiverStone Insurance UK.
All UK, Channel Islands and Isle of Man employers’ liability and public liability policies issued by AXA prior to January 1, 2002 will transfer to RiverStone, while disease claims related to policies issued between the same date and December 31, 2014 will be reinsured by RiverStone.
The portfolio includes mesothelioma, noise induced hearing loss and other industrial related diseases covering reserves of around £600 million.
The deal is expected to conclude during the next 12-18 months pending regulatory approval.
“Our decision to transfer the liability demonstrates AXA’s commitment to pro-actively manage its risks and focus on its core strategy and product set,” said Amanda Blanc, Group CEO, AXA UK & Ireland. “RiverStone are an expert in this area and are well placed to manage this book of business going forward whilst ensuring the continued fair treatment of customers.”
Nick Bentley, president of the RiverStone Group said: “RiverStone are delighted to be partnering with AXA on these transactions. We look forward to working collaboratively with AXA to ensure that their strategic objectives are achieved, and that their excellent reputation is maintained through adherence to our core principle of treating customers and other stakeholders fairly and with the utmost integrity.”
