AXA is joining forces with Lloyd’s to create a specialty insurance venture named ‘AXA Africa Specialty Risks’

April 20, 2016

AXA is joining with Chaucer, a specialty Lloyd’s insurance group, to create a specialty insurance venture named ‘AXA Africa Specialty Risks’ which will be dedicated to covering specialty insurance lines in Africa, which comprises for instance political risks, energy and infrastructures. The UK holding company for the venture also owns a subsidiary, a Mauritius-based Lloyd’s Coverholder, with 4 representation units which mean that all the policies will be processed and issued from Mauritius.

On 19 April, AXA announced that it is joining forces with Chaucer, a specialty Lloyd’s insurance group, to create a specialty insurance venture named ‘AXA Africa Specialty Risks’ which will be dedicated to covering specialty insurance lines in Africa, which comprises for instance political risks, energy and infrastructures.

The UK holding company for the venture also owns a subsidiary, a Mauritius-based Lloyd’s Coverholder, with 4 representation units (hubs) in East, North, South and West Africa, which means that all the policies will be processed and issued from Mauritius.

Commenting on the announcement, Mikir Shah, chief executive of AXA Africa Speciality Risks, said: “We have chosen Mauritius as the Coverholder hub for our African operations as it is emerging as a significant International Financial Centre, with a commitment to fostering growth and with rapidly developing skills and expertise. AXA sees tremendous potential for Mauritius as an insurance hub for Africa and we wish to be at the heart of this, enabling us to expand and reinforce our own footprint across Africa.”

AXA will bring to the partnership its marketing capabilities, a strong distribution network – AXA is already present in eight African countries – as well as the first global brand in the insurance sector, as ranked by Interbrand. Chaucer has strategic alignment towards specialty insurance, strong Lloyd’s underwriting expertise, extensive partnership management experience and established relationships with corporate clients, banks and business producers.

“Partnering with Chaucer and the Lloyd’s market gives us a great opportunity to develop the growing and profitable specialty lines business in Africa by setting up a pan-African specialty insurance entity that will complement our African footprint and our presence in commercial lines,” said Denis Duverne, Deputy Chief Executive Officer of the AXA Group.

Johan Slabbert, Chaucer’s Chief Executive Officer, added: “We are excited by the prospects for Africa as well as the opportunity to partner with AXA, one of the world’s leading insurers. This demonstrates our willingness and ability to combine our underwriting expertise in demanding specialty insurance markets with our talent for working successfully to deliver innovative solutions for clients, brokers and partners”.

Finally, H.E. Jonathan Drew, British High Commissioner to Mauritius said;“I am delighted that AXA and a Lloyd’s of London cover holder have joined forces to offer a new specialty insurance venture. The announcement of this venture follows hot on the heels of the Lord Mayor of the City of London’s visit to Mauritius and is another example of British partnership which will help Mauritius strengthen and build further its reputation as a financial services hub for Africa”.