Global insurance provider
AXIS Capital aims to strengthen its presence in the aviation market with the purchase of Belgium-based specialist re/insurer Aviabel.
The acquisition will see Aviabel operate as a distinct business unit within AXIS. The company will retain its brand name, leadership, employees and offices in Brussels and Amsterdam.
After providing general aviation re/insurance for more than 80 years as an independent firm, Aviabel will now support the continued expansion of AXIS Insurance’s global operations in the aviation sector.
Mark Gregory, CEO of AXIS Insurance’s international division, called Aviabel a “great cultural fit.”
“AXIS is committed to the aviation market for the long-term and, through this acquisition, we’re increasing our scale and market relevance,” Gregory said.
“Aviabel is a highly trusted and respected brand, with a portfolio that complements our existing business, expands our presence into the general aviation and smaller account segments, as well as increases our geographic footprint in aviation,” he added.
Aviabel boasts a portfolio of partnerships and clients around the world, with gross premiums written of approximately €50 million. The company’s products and services extend across general aviation, airlines, airports, pilots and crews, and aerospace manufacturers.
“Becoming part of AXIS provides an opportunity to benefit from the financial strength and resources of a global carrier and to significantly enhance the services and programs that we offer to our clients and our employees,” said Aviabel CEO Cécile Coune.
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