Axa buys Ageas commercial business renewal rights for £47.5m
Around 100 Ageas employees will move to Axa as part of the deal.
Axa has paid an initial £47.5m for the renewal rights to Ageas UK’s commercial business.
The deal will see Ageas’s business transfer to Axa from June 2022. However, the acquisition does not include the back book, which will remain with Ageas UK, both insurers confirmed.
Ageas will continue to manage and provide ongoing service across all policies until they are underwritten by Axa Commercial at renewal.
As part of the agreement, around 100 Ageas employees who work predominantly on commercial
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