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.