After rumours began circulating that AXA XL were looking to sell it’s private client business to fellow insurance giant Aviva. A statement was released confirming these plans.
The company outlined that it has been looking to re-position it’s UK & Lloyd’s business to focus on optimizing it’s portfolio to fit strategically within the AXA Group and the boarder AXA XL division – and part of that will see it reduce transaction volumes and the type of consumer and personal business it writes in the UK.
AXA XL has invested in and developed an established and market-leading UK private client’s team over several years. As part of a strategic re-alignment, they have decided to sell that part of their business to Aviva, said in a statement to Insurance Business.
This decision relates to private client business underwritten in the UK and does mean they will exit all consumer line business in the UK.
It is expected that AXA XL’s private client’s team will move across to Aviva in a deal due to completed later this year. The move is seen as a sign of intent for Aviva in the HNW personal lines market.
Sean McGovern, CEO of UK Lloyd’s at AXA XL, told Insurance Business in a statement
“over the past six months, we have been taking decisive action in the UK to get our portfolio to where we want it to be1, he said. “The sale of our UK private client business is the last major step and enable us to focus attention on our core specialty, wholesale and commercial P&C business and it does not impact our specialist fine art and specie business in the UK or worldwide.”