Axa is integrating its UK-based operations of Axa Global Risks, Axa Re and Axa Cessions, it was revealed this week.

The three companies are to merge to form Axa Corporate Solutions, a new company that will manage the insurance requirements of Axa's corporate clients.

A statement issued by Axa said: “The current worldwide operations of Axa Re, Axa Global Risks and Axa Cessions are being combined to provide the foundations for Axa Corporate Solutions.”

Axa has declined to comment further on the new company's structure or reveal who is to head the new group.

However, a spokeswoman for Axa, said there are likely to be only a handful of redundancies.

James Morgan, managing director of Axa Global Risks, is in a strong position to assume the leadership of the new group, as his is the largest of the three companies with 320 employees.

Axa Re has a smaller staff at 50 and is headed by chief executive Adrian Ballardie. Axa Cessions handles the reinsurance needs of companies in the Axa group.

Further details of the new company will be announced by Axa on Friday.