On 12 September the takeover of XL Group by AXA was finalized. The insurance company expects that the transaction will increase its scale of P&C business in Poland.
AXA wants to increase its market share on the sectors: P&C and TPL for companies. The takeover of XL will help to achieve this aim. XL Group specialises in the protection of middle and large enterprises and untypically, specialized risks.
“Of course, a lot of issues have not been made more precise. So we will have to make arrangements with colleagues from XL. But we may say that we see some areas to receive additional benefits from this canvassing, especially in AXA’s corporate business in Poland”, said Zbigniew Jęksa, corporate insurance sale manager in AXA Poland.
AXA Poland plans to develop its business thanks to using XL’s know-how effectively, especially in the sector of corporate insurance, which has not been in AXA Poland’s offer so far. The products will protect against cyber risks and new technology like IT and biotechnology.
“We specialise in Poland in creating and supporting international insurance programs for Polish companies which develop their business and also invest abroad. We will want to use XL companies as partners supporting in our clients service”, explained Jęksa.
The corporate business of AXA increased by 33% at the end of 2017. The gross written premium in this sector amounted to PLN 321m. The market grew by 19% in this term. Currently AXA is the fifth biggest insurance company in Poland. It received PLN 1.9b premium last year. The company has a 4.9% market share.
