AXA is expanding its reach into Africa with the launch of a joint venture with Lloyd’s insurer Chaucer.
The new venture, AXA Africa Specialty Risks, will be dedicated to covering specialty insurance lines in Africa, covering business such as political risks, energy and infrastructures.
The partnership will initially involve AXA’s new Lloyd’s special purpose Syndicate 6130 sharing business with Chaucer’s established Syndicate 1084.
AXA deputy chief executive Denis Duverne said: “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.
“We are grateful to the Lloyd’s Executive Committee and Franchise Board for the approval of our first investment in the renowned Lloyd’s market.”