AXA UK&I has acquired the renewal rights to Ageas UK’s commercial business, for an initial fee of £47.5m. The agreement also sees around 100 Ageas staff make the move to AXA.

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 says that it, alongside Ageas UK, will work closely with brokers to ensure positive customer outcomes continue to be delivered. The acquisition does not include the back book, which will remain with Ageas UK.

Jon Walker, CEO of AXA Commercial, said: “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.

“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.”

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