AXA Liabilities Managers (AXA LM), a division of AXA and an acquirer and manager of legacy re/insurance business, has announced an agreement 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.
Primarily, RenaissanceRe (UK) Limited wrote motor, casualty, political risk, engineering and marine treaty business until 2015, the year it was placed into run-off. At 30th of September 2019, the entity had gross reserves of £160 million (USD 208 million).
Sylvian Villeroy du Galhau, Chief Executive Officer (CEO) of AXA LM, commented: “I am delighted to announce that we reached an agreement with RenaissanceRe to acquire their UK run-off business. We are very pleased to continue our external development with this strategic acquisition. Once we have received the approval of the regulator, this 21st acquisition will foster our position as a leading provider of legacy solutions in the market.”
Aditya Dutt, Senior Vice President of RenRe, added: “We are pleased to enter into an agreement to sell the UK run-off business to AXA LM, a leading manager of legacy businesses. Divestiture of this legacy portfolio to a high-quality owner allows us to continue focusing on our core business segments.”