Axa’s UK and Ireland subsidiary has purchased the “renewal rights” for Belgian insurer Ageas’ commercial business, in a deal worth £47.5m.
Parisian insurer Axa said the deal will see around 100 of Aeges’ UK employees move into Axa’s City of London offices.
In a statement, Axa said the deal will help it expand its commercial business. In a separate statement, Ageas said the acquisition will help it focus on its “personal lines”.
The acquisition will see Ageas’ renewals transfer to Axa from June 2022, meaning the French insurance giant will take over Ageas’ future commercial contracts..
However, Ageas will continue to manage any policies that it has previously underwritten. Ageas will also keep hold of its “back book.”
Axa CEO Jon Walker, said: “This acquisition is a positive step in the growth of our commercial business and further cements our commitment to the SME and Schemes market segments.”
“I look forward to welcoming the new members of the AXA Commercial team and the additional underwriting and operational expertise they bring.”
Ageas CEO Hans De Cuyper said: “With this transaction, Ageas UK takes another important step in further developing the Personal lines business.”
“I want to explicitly thank the employees who will move on to continue their career with their new employer as well as those who will remain with us for their many years of service and commitment to Ageas and wish them every success for the future.”