AXA Liabilities Managers announced it has completed the acquisition of the non-life legacy portfolio of Munich Re Malaysia (a branch of Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in Munich).
The portfolio transfer will become effective on October 1, 2019. Financial details of the transaction were not revealed.
The transaction was made through AXA Liabilities Managers’ fund (AXA DBIO II), which invests in run-off portfolios and companies. The completion of the portfolio transfer follows the approval by the High Court of Malaya and the necessary regulatory approvals – from the German regulator, BaFin, and Bank Negara Malaysia.
Outstanding reserves are composed of Malaysian non-life reinsurance business. All related contracts, arrangements and agreements will be vested in AXA DBIO II’s risk carrier in Malaysia, said AXA in a statement, noting that the family retakaful business will continue to be carried out by Munich Re Malaysia.
“I’m very proud of the exciting work our teams have done to make this complex deal happen. We are very pleased to continue our external development through our fund with this 20th acquisition that strengthens our position as a run-off acquirer,” said Sylvain Villeroy de Galhau, AXA Liabilities Managers CEO.
After the acquisition of Emirates Re’s Retakaful business last year, she said, AXA Liabilities Managers continues to pursue its international investment strategy, which includes growing its Asian run-off market through the Malaysian hub.
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