AXA acquires the renewal rights to Ageas's commercial business

AXA to grow its commercial business in SME and Schemes market segments with an emphasis on service deliveryDeal underpinned by AXA Commercial’s long-standing commitment to SME businessesAround 100 Ageas UK employees will transfer to AXA to provide continuity of service for customers and brokers, ensuring ongoing and future needs of customers are metRenewals from June 2022 to transfer to AXA Commercial  

AXA UK&I today announces the acquisition of the renewal rights to Ageas UK’s commercial business, for the initial consideration of £47.5 million.

This acquisition further strengthens AXA’s growth strategy and commitment to its commercial business customers and broker partnerships, particularly in the SME and Schemes market segments. AXA Commercial has long supported SME businesses, having already invested in products and propositions to support them. These are delivered with a responsive service and digital offering designed to meet specific needs of both customers and brokers.   

As part of the agreement, around 100 Ageas UK employees will move to AXA Commercial to provide ongoing support and service delivery. This will enable AXA Commercial to maintain strong and productive relationships with brokers and customers, prioritising excellent underwriting, service and value.

The acquisition will see renewals transfer to AXA Commercial from June 2022. As part of the transaction, Ageas UK will continue to manage and provide ongoing service across all policies until they are underwritten by AXA Commercial at renewal. AXA Commercial, alongside Ageas UK, will work closely with brokers to ensure positive customer outcomes continue to be delivered. This acquisition does not include the back book, which will remain with Ageas UK.

“This acquisition is a positive step in the growth of our commercial business and further cements our commitment to the SME and Schemes market segments. I look forward to welcoming the new members of the AXA Commercial team and the additional underwriting and operational expertise they bring.

Jon Walker, Chief Executive Officer, AXA Commercial said, “AXA is committed to being a partner of choice for our customers both by continuing to strengthen our business, and by developing new propositions, designed to respond to customer needs.”

Authored by AXA