It was in December 2019 when Bermuda-based Watford Holdings announced it was purchasing French property and casualty insurer Axeria IARD from the APRIL Group. After more than a year, the acquisition has now crossed the finish line.
Under the deal, financial terms of which were not disclosed, Watford snapped up 100% of the capital stock of Axeria. Completion of the transaction was expected to take place in 2020, but reasons for the delay were not outlined.
“We are pleased to add Axeria to our insurance business in Europe and look forward to working with them to carry out our development in the region,” commented Watford chief executive Jon Levy.
“Our objective is to leverage our large capital base and Axeria’s experienced team to strengthen existing business relationships and to build new ones.”
Headquartered in Lyon with branch offices in Lille and Bordeaux, Axeria is active in the French and European Union commercial P&C insurance market with approximately €140 million of in-force gross premiums written.
