AXA Liabilities Managers acquires run-off portfolio from German insurer Provinzial Rheinland
PARIS, DECEMBER 29, 2016
The specialist run-off acquirer and manager, AXA Liabilities Managers (AXA LM) has closed with Düsseldorf-based insurance company Provinzial Rheinland its 16th acquisition on the external market and its 10th with a German seller. The transaction was made through AXA Liabilities Managers’ investment vehicle AXA DBIO which invests in run-off acquisitions.
Via this transaction, AXA Liabilities Managers acquires the Property & Casualty reinsurance portfolio from Provinzial Rheinland Holding AöR that was put into run-off in 1996.
“AXA Liabilities Managers’ successful acquisition strategy keeps on building momentum as proved by the acquisition of a new portfolio on the German market in 2016. This deal was won after competing with other run-off players, which confirms AXA Liabilities Managers’ attractiveness for sellers and positions us as a strong competitor in the run-off market.” comments Sylvain Villeroy de Galhau, CEO of AXA Liabilities Managers.
AXA Liabilities Managers thus reinforces its position as the leader in the Continental European run-off acquisition market and will actively pursue the acquisition of new portfolios, which confirms its ambitious strategy.
About AXA Liabilities Managers
AXA Liabilities Managers is an AXA Group company specialising in non-life (re)insurance legacy business acquisition and management. Since 2001, AXA Liabilities Managers integrated 36 portfolios in 9 different countries totaling 9.1 billion euros. The company is headquartered in Paris and has teams in the USA, the UK and Switzerland.
Further details are available on the AXA Liabilities Managers website at www.axa-lm.com.
Media Relations AXA Liabilities Managers
+33 (0)1 58 36 76 20