AXA Liabilities Managers (AXA LM), the non-life re/insurance legacy arm of AXA, has completed the acquisition of the non-life legacy portfolio of Munich Re Malaysia.
The portfolio transfer is effective from October 1st, 2019 and was made through AXA LM’s fund, AXA DBIO II, which invests in run-off portfolios and firms.
The portfolio transfer has been approved by the High Court of Malaya and the necessary regulatory approvals have also been received from BaFin and Bank Negara Malaysia.
A statement on the transaction states that outstanding reserves are composed of Malaysian non-life reinsurance business ad that all related contracts, arrangements and agreements will be vested in the fund’s risk carrier in Malaysia.
Munich Re Malaysia will continue to control and operate the family retakaful business.
“I’m very proud of the exciting work our teams have done to make this complex deal happen. We are very pleased to continue our external development through our fund with its 20th acquisition that strengthens our position as a run-off acquirer. After the acquisition of Emirates Re’s Retakaful business last year, we pursue our international investment strategy, including on the growing Asian run-off market through our hub in Malaysia,” said Sylvain Villeroy de Galhau, AXA LM Chief Executive Officer (CEO).