AXA Liabilities Managers acquires Munich Re non-life run-off portfolio in Malaysia
Paris, September 19th, 2019
AXA Liabilities Managers today announced that it has completed the acquisition of the non-life legacy portfolio of Munich Re Malaysia (a branch of Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in Munich). The portfolio transfer will become effective on October 1, 2019.
The transaction was made through AXA Liabilities Managers’ fund (AXA DBIO II), which invests in run-off portfolios and companies. The completion of the portfolio transfer follows the approval by the High Court of Malaya and the necessary regulatory approvals (BaFin and Bank Negara Malaysia). Outstanding reserves are composed of Malaysian non-life reinsurance business. All related contracts, arrangements and agreements will be vested in AXA DBIO II's risk carrier in Malaysia. The family retakaful business will continue to be carried out by Munich Re Malaysia.
"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 this 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 Liabilities Managers CEO