According to a report in the French financial daily Les Echos the AXA Group is close to concluding a deal to sell its reinsurance activities to the Greenwich, Conn.-based investment firm Stone Point Capital. Neither AXA nor Stone Point has yet commented on the rumor.
AXA Re, the French financial and insurance Group’s main reinsurance division, also operates several subsidiaries, including Compagnie Générale de Réassurance de Monte-Carlo, AXA Re Asia-Pacific Pte Ltd., and AXA Corporate Solutions Insurance Co. It has also placed several portions of it reinsurance business in run-off, which are not apparently included in the deal.
Stone Point Capital is a global private equity firm, which now manages Marsh & McLennan’s Trident funds, with a collective worth of around $3 billion. Prior to its formation in 2005, the principals of the firm headed MMC Capital, Marsh Mac’s private equity business.
Last October Stone Point entered into a deal with The Chubb Corporation to form a Bermuda-based reinsurer, Harbor Point Limited, which acquired the ongoing business of Chubb Re, Inc., a Chubb subsidiary, including the renewal rights to Chubb Re’s in-force book of business (See IJ Website Oct. 26, 2005).
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