AXA Liabilities Managers has agreed to acquire RenaissanceRe (UK) Limited, a company currently in runoff, from RenaissanceRe Holdings Ltd.
Formerly known as Tokio Millennium Re (UK) Limited, the UK run-off business was acquired by RenaissanceRe as part of its purchase of Tokio Millennium Re in 2018.
RRUKL primarily wrote motor, casualty, political risk, engineering and marine treaty business until 2015, when it was placed into run-off. Gross reserves as at 30 September 2019 were £160M.
The acquisition, which is expected to close later this year, is subject to regulatory approval and will be made through an investment vehicle managed by AXA LM.
AXA Liabilities Managers specializes in managing property/casualty run-off portfolios on behalf of the AXA Group and other investors through its funds. Once approved, this RRUKL transaction will be the firm’s 21st acquisition, according to Sylvain Villeroy du Galhau, CEO of AXA LM.
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