• AXA Insurance begins transfer of historical liability book to RiverStone

    April 28th 2017. Posted in Corporate

    AXA Insurance UK (“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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    Notes for Editors 

    About AXA

    The AXA Group is a worldwide leader in insurance and asset management, with 165,000 employees serving 107 million clients in 64 countries. In 2016, IFRS revenues amounted to Euro 100.2 billion and IFRS underlying earnings to Euro 5.7 billion. AXA had Euro 1,429 billion in assets under management as of December 31, 2016. In 2016 Interbrand ranked AXA the 1st insurance brand worldwide for the 8th consecutive year.

     

    In the UK AXA operates through a number of business units including: AXA Insurance, AXA PPP healthcare and AXA Ireland. AXA employs over 10,000 staff in the UK.

     

    The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.

     

    The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.

     

    It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.

     

    About AXA Liabilities Managers

     

    AXA Liabilities Managers is an AXA Group company specialising in non-life (re)insurance legacy business acquisition and management. Since 2001, AXA Liabilities Managers integrated 36 portfolios in 9 different countries totaling Euro 9.2 billion. The company is headquartered in Paris and has teams in the USA, the UK and Switzerland.

     

    Further details are available on the AXA Liabilities Managers website at www.axa-lm.com.

     

     

     

    About RiverStone

     

    The RiverStone Group operates from a number of offices in both the US and the UK and is a subsidiary of Fairfax Financial Holdings Limited (“Fairfax”). Fairfax is a holding company listed on the Toronto Stock Exchange which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.

     

    The RiverStone Group specialises in the management of legacy and run-off insurance businesses and portfolios and is an industry leader in claim resolution, reinsurance recovery and dispute resolution. The RiverStone Group delivers innovative, reliable and fair legacy business solutions to its partners thereby enabling them to focus on their core business objectives. Globally, the RiverStone Group is responsible for over $4 billion in gross liabilities and its portfolios encompass a broad range of commercial insurance and reinsurance exposures including industrial related disease and injury claims.