AXA Liabilities Managers (AXA LM), a division of AXA and an acquirer and manager of legacy re/insurance business, has received regulatory approval for the acquisition of a legacy assumed treaty reinsurance portfolio from AXA Versicherung AG.
German regulator BaFin gave the green light for AXA LM to move ahead with the acquisition on February 26th.
The portfolio comprises property and casualty lines of businesses, including aviation, APH, marine and motor.
AXA LM explained that the transaction will be carried out through an investment vehicle it manages.
This deal marks AXA LM’s 22nd acquisition and the 12th transaction in Germany.
“We are pleased to announce the completion of the transaction with AXA Versicherung AG,” said Sylvain Villeroy de Galhau, CEO of AXA LM.
“The acquisition of RenaissanceRe UK limited announced earlier this month and this latest acquisition are key milestones in AXA LM’s investment journey.”
Earlier this month, AXA LM announced that it had agreed to acquire RenaissanceRe (UK) Limited from Bermuda-based reinsurer, RenaissanceRe Holdings Ltd.
RenaissanceRe (UK) Limited, a company in run-off, was formerly known as Tokio Millennium Re (UK) Limited, and was acquired by RenRe through its acquisition of Tokio Millennium Re in 2018.
