Axa
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The carrier has finished the sale of its 50% shareholding in Axa Gulf and 34% shareholding in Axa Cooperative Insurance Company.
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Insurers have now shelled out just over £968mn to BI policyholders in interim and final settlements. -
The company said the divestment was part of its simplification strategy.
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The Financial Conduct Authority’s latest release on UK claims data for Covid-related BI losses shows an acceleration of acceptances during June.
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The legacy unit is marketing legacy books in Germany and the UK as it unwinds its third-party book.
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The carrier has been central to the launch of a net-zero underwriting alliance in the run-up to the COP26 conference.
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The insurer said the move would drive synergies and aid expansion in growth markets.
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The total consideration for the combined transactions, including MPI Generali, is RM1.3bn ($311mn), subject to closing adjustments.
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The carrier will mobilise 3,000 general agents plus distribution partners to make offers on an “unprecedented scale”.
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The information-gathering exercise for large insurers and banks won’t dictate capital requirements.
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The central bank governor said such a move would require ‘robust data.
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Hacker group Avaddon has given the carrier 240 hours to comply with its demands.
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