RenRe to sell UK operation to AXA Liability Managers
RenaissanceRe Holdings has agreed to sell its UK operation, which is currently in runoff, to AXA Liabilities Managers (AXA LM).
RenaissanceRe (UK) was formerly known as Tokio Millennium Re (UK) and was part of RenRe’s acquisition of Tokio Millennium Re in 2018. It primarily wrote motor, casualty, political risk, engineering and marine treaty business until being placed into run-off in 2015. Gross reserves were £160 million as at September 30, 2019
The acquisition is expected to close later this year and is subject to regulatory approval.
Aditya Dutt, senior vice president of RenRe, said: “We are pleased to enter into an agreement to sell the UK run-off business to AXA LM, a leading manager of legacy businesses. Divestiture of this legacy portfolio to a high-quality owner allows us to continue focusing on our core business segments.”
Sylvain Villeroy du Galhau, CEO of AXA LM, said this was a strategic acquisition for the business. “Once we have received the approval of the regulator, this 21st acquisition will foster our position as a leading provider of legacy solutions in the market,” he said. AXA LM will make the acquisition through through an investment vehicle it manages.
