AXA Insurance UK has begun transferring its old disease liability book of business to re/insurer Riverstone Insurance.
All employers’ liability and public liability policies in the UK, Channel Islands and Isle of Man issued by AXA before 1 January 2002 will move to Riverstone.
The deal with RiverStone, which still needs High Court agreement and regulatory approvals, is expected to complete during the next 12 to 18 months, AXA said.
The insurer also said that the transfer of the book of business reflects its “priority towards effective capital management discipline.”
“Our decision to transfer the liability demonstrates AXA’s commitment to pro-actively manage its risks and focus on its core strategy and product set,” said Amanda Blanc, group CEO for AXA UK and Ireland.
“RiverStone are an expert in this area and are well placed to manage this book of business going forward whilst ensuring the continued fair treatment of customers,” she added.
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