AXA Liabilities Managers completes its first Reinsurance To Close (RITC) at Lloyd’s
PARIS, FEBRUARY 14, 2018
AXA Liabilities Managers’ investment vehicle which invests in run-off acquisitions (AXA DBIO) combined with Randall & Quilter (R&Q) to acquire the run off of Syndicate 3334, a Sportscover legacy business at Lloyd’s that was managed by Bermuda-based insurance company Hamilton Underwriting Limited (Hamilton). This 17th transaction on the external market is also a 1st transaction at Lloyd’s for AXA Liabilities Managers (AXA LM).
Syndicate 3330, with 90% of the capital provided by AXA DBIO and 10% by R&Q, entered into a Reinsurance to Close with Syndicate 3334 to transfer Syndicate 3334’s 2014 and all prior years of account. As part of the transaction, all claims and reinsurance management is outsourced to AXA LM.
With an inception date of 1st January 2018, we are now able to announce that all of the necessary approvals have been obtained and the transaction has completed.
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