French multinational insurer AXA is set to sell its entire Ukraine business to Canadian

financial services holding company Fairfax.

AXA has entered into an agreement with Fairfax wherein the latter would acquire 100% of the former’s non-life AXA Insurance business and AXA Insurance Life in Kyiv (Kiev).

According to a press release by AXA Group, 50% of its AXA Insurance business in Ukraine belongs to local commercial bank UkrSibbank.

The transaction is subject to customary closing conditions, including the receipt of regulatory approvals.

AXA Insurance in Kyiv is Ukraine’s leading insurance company, Interfax-Ukraine reported. For the first half of 2018, the company collected over UAH 915.6 million in gross insurance premiums – a 14% year-over-year increase from the same period in 2017. The Ukrainian insurance business has more than 780 employees and 1,220 agents throughout the country.

This is not Fairfax’s first purchase of a business in Ukraine. In 2015, the company completely bought out QBE Ukraine, later renaming the unit as Colonnade Ukraine.