Major global player AXA
has teamed up with Lloyd’s insurer Chaucer in developing a new specialty insurance business targeting the rapidly growing African market.
The two insurers will be sharing a specialty business in Africa through the formation of a special purpose syndicate.
The strategic partnership with AXA
’s African distribution network will help Chaucer extend its specialty underwriting reach and access more specialty business in Africa.
Chaucer has a 12% share of Lloyd’s of London premiums written in the region and is a market leader in African specialty insurance business.
“This partnership highlights the growth opportunities that this region provides, as well as demonstrates our capabilities in emerging markets and our talent for working creatively with industry partners,” said Chaucer CEO Johan Slabbert.
“Our strategic alliance with AXA
will deepen our access to the African marketplace, which will produce significant advantages for Chaucer in the years ahead.”
Group Deputy CEO Denis Duverne said the company will be able to better serve the needs of policyholders and brokers in Africa now that it is a part of the Lloyd’s of London community.
“Our strategic partnership with Chaucer is important to the success of this venture, and I wish to thank them for their first class endeavours to date and look forward to our future success together,” he said.