AXIS Capital is expanding its aviation business with the purchase of aviation re/insurer Aviabel.
Aviabel, based in Belgium, will support the continued extension of AXIS insurance’s aviation facilities worldwide.
Aviabel has a portfolio of partnerships and clients in various locations globally and has gross written premiums of roughly €50 million.
Its products include general aviation, airlines, airports, pilots and crews, and aerospace manufacturers.
Aviabel’s brand, as well as its Dutch brand Nederlandse Luchtvaartpool (NLP) will be retained, along with its branches in Brussels and Amsterdam.
The brand will be retained as Belgium-based Aviabel supports the continued expansion of AXIS insurance’s aviation operation globally.
AXIS will also keep the company’s locations in Brussels and Amsterdam.
Mark Gregory, CEO of AXIS insurance’s international division, said: “AXIS is committed to the aviation market for the long term and, through this acquisition, we’re increasing our scale and market relevance.
“Aviabel is a highly trusted and respected brand, with a portfolio that complements our existing business, expands our presence into the general aviation and smaller account segments, as well as increases our geographic footprint in aviation.
“Aviabel is also a great cultural fit – like AXIS, it is a specialty company that is entrepreneurial and agile and that places a very high priority on its clients and its employees.”
Cécile Coune, CEO of Aviabel, added: “Becoming part of AXIS provides an opportunity to benefit from the financial strength and resources of a global carrier and to significantly enhance the services and programs that we offer to our clients and our employees.
“Further, AXIS is a company with a strong understanding of today’s transformed insurance marketplace and its leadership has a clear vision for where the industry is heading. This is the beginning of an exciting new chapter for Aviabel, our team and our clients.”
The transaction is subject to regulatory approval and other customary closing conditions.
AXIS Capital, North America, Bermuda, Aviabel, Europe, Insurance, Reinsurance, Aviation, M&A, Mark Gregory, Cecile Coune