AXIS Capital has agreed to acquire general aviation insurance and reinsurance company Aviabel to increase its scale and relevance in the worldwide aviation market.
The “Aviabel” brand, including its Dutch brand “NLP” (“Nederlandse Luchtvaartpool”), will be retained as Belgium-based Aviabel supports the continued expansion of AXIS Insurance’s aviation operation globally.
AXIS will continue to maintain the company’s locations in Brussels and Amsterdam. The transaction is subject to regulatory approval and other customary closing conditions.
AXIS Insurance International Division CEO Mark Gregory said: “AXIS is committed to the aviation market for the long-term and, through this acquisition, we’re increasing our scale and market relevance. 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.
“Aviabel is also a great cultural fit – like AXIS, it is a specialty company that is entrepreneurial and agile and that places a very high priority on its clients and its employees.”
Aviabel has more than 80 years’ experience in providing insurance and reinsurance solutions for the general aviation sector and a portfolio of partnerships and clients spanning the globe and gross premiums written of approximately €50m.
The company’s products and services extend across general aviation, airlines, airports, pilots and crews, and aerospace manufacturers.
Aviabel CEO Cécile Coune said: “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.
“Further, AXIS is a company with a strong understanding of today’s transformed insurance marketplace and its leadership has a clear vision for where the industry is heading. This is the beginning of an exciting new chapter for Aviabel, our team and our clients.”