AXA Commercial Lines & Personal Intermediary

5 Old Broad Street London EC2N 1AD
+44 (0)1204 380480
http://www.axaconnect.co.uk/
  • About AXA

    In July 2012 the AXA Commercial Lines and Personal Intermediary businesses came together to form a new single organisation – AXA Commercial Lines and Personal Intermediary. Led by Amanda Blanc, the business offers brokers a more integrated and consistent approach from AXA which is focussed on their needs as a business – whatever the product. AXA Commercial Lines & Personal Intermediary provides underwriting expertise, offering a range of commercial lines and personal lines products and insurance solutions to our brokers and customers.  AXA Commercial & Personal Intermediary is part of AXA Group, a worldwide leader in insurance and asset management serving 101 million clients. 

AXA Insurance begins transfer of historical liability book to RiverStone

Amanda-Blanc-CEO-AXA-UK-&-Ireland

AXA has started the process of transferring its historical disease liability book of business to (re)insurer, RiverStone –Insurance (UK) (“RiverStone”).

All UK, Channel Islands and Isle of Man employers’ liability and public liability policies issued by AXA prior to 1st January 2002 will transfer to RiverStone, while disease claims related to policies issued between the same date and 31st December 2014 will be reinsured by RiverStone.

This includes mesothelioma, noise induced hearing loss (NIHL) and other industrial related diseases covering reserves of c£600m.

The transfer will be completed as an insurance business transfer pursuant to Part VII of the Financial Services and Markets Act 2000 (“Part VII Transfer”) requiring High Court agreement and regulatory approvals and as such, the deal is expected to conclude during the next 12-18 months.

The transfer of the book of business, currently managed by AXA Liabilities Managers, reflects AXA’s priority towards effective capital management discipline.

This does not affect any other part of the AXA Liabilities Manager’s or AXA UK’s operations.

Amanda Blanc, Group CEO, AXA UK & Ireland, commented:

“Our decision to transfer the liability demonstrates AXA’s commitment to pro-actively manage its risks and focus on its core strategy and product set. RiverStone are an expert in this area and are well placed to manage this book of business going forward whilst ensuring the continued fair treatment of customers.”

Nick Bentley, President of the RiverStone Group said:

“RiverStone are delighted to be partnering with AXA on these transactions. We look forward to working collaboratively with AXA to ensure that their strategic objectives are achieved, and that their excellent reputation is maintained through adherence to our core principle of treating customers and other stakeholders fairly and with the utmost integrity.” 

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