AXA announced it will acquire Liberty Ubezpieczenia, the Polish property & casualty operations of Liberty Mutual Insurance Group for 92.3 million Polish Zloty ($23 million), plus the net asset value outstanding as of the date of closing.
Liberty Ubezpieczenia is a Polish P&C insurer which recorded gross written premiums of PLN315 million ($78.6 million) in 2014. The company benefits from a distribution mix well balanced between agencies, direct and car dealers, AXA said in a statement
This transaction would allow AXA to further strengthen its presence in Poland, which is one of the most attractive insurance markets in Central and Eastern Europe. AXA would reach 4.4 percent market share in property & casualty, up from 3.2 percent currently.
AXA said this transaction is aligned with AXA’s strategy in Poland to further diversify distribution channels and expand its product portfolio. The Liberty Ubezpieczenia deal follows the March 2015 acquisition of BRE Ubezpieczenia TUiR (BREU), which is mBank’s property & casualty insurance subsidiary. Also in March, AXA entered into a 10-year exclusive bancassurance agreement with mBank.
Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to take place before the end of the third quarter of 2016.
AXA’s Polish Operations
Operating in Poland since 2006, AXA offers life & savings, personal accident, motor, travel, pension insurance products and asset management services to over 2 million clients. AXA said it provides property & casualty insurance cover for corporate clients, including international corporations, as well as individual customers, notably via AXA Direct Poland, which is the third largest direct motor insurer in the country.
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