Covea approach unlikely to result in immediate Axa XL Re deal

23 July 2021

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Covea's preliminary approach to acquire Axa's reinsurance business has a low likelihood of leading to a deal this summer, further frustrating the French mutual’s efforts to secure the reinsurance platform it has long coveted, sources have said.

One of the preconditions for an executable deal is a massive corporate reorganisation to effectively transform Axa XL Re from a segment into an entity that could be sold.

Axa

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Covea approach unlikely to result in immediate Axa XL Re deal

Covea's preliminary approach to acquire Axa's reinsurance business has a low likelihood of leading to a deal this summer, further frustrating the French mutual’s efforts to secure the reinsurance platform it has long coveted, sources have said.

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Covea approach unlikely to result in immediate Axa XL Re deal

Covea's preliminary approach to acquire Axa's reinsurance business has a low likelihood of leading to a deal this summer, further frustrating the French mutual’s efforts to secure the reinsurance platform it has long coveted, sources have said.

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Uncover exclusive insights tailored for insurance leaders

Topics

UIB taps ex-Lockton Re Colombia head Roos Krause as CBO

R&Q secures lenders’ approval for $465mn Accredited sale

Chubb exposure to Baltimore bridge loss not ‘outsized’: Greenberg

Howden Re appoints Roth as head of capital and operational solutions

Global cyber rates fell 6% in Q1 2024: Marsh

LSM COO Maddern to exit after Global Risk Solutions restructure

Inigo boosts pre-tax profits to $144.5mn in 2023 with CoR of 85.5%