AXA COMPLETES DEAL FOR LIBERTY’S POLISH PROPERTY/CASUALTY BUSINESS

Axa has completed the acquisition of Liberty Ubezpieczenia, the Polish Property & Casualty operations of Liberty Mutual Insurance Group. The France-based insurer has paid a total consideration of PLN101.3m (€23.5m) for the company. Axa said the deal allows it to further strengthen its presence in Poland, which it described as one of the most attractive insurance markets in Central and Eastern Europe. The deal was first announced at the start of the year and has closed on schedule. Axa has previously stated that the acquisition will boost its share of the Polish property/casualty market to 4.4% from the current 3.2% as well as diversify both its product portfolio and distribution channels. Last year Axa acquired BRE Ubezpieczenia, the property/casualty unit of Poland’s mBank, and entered into a 10-year bancassurance agreement with the bank. Liberty Ubezpieczenia posted 2014 gross written premiums of PLN315m on sales of property/casualty products through agencies, direct sales and car dealers.