AXA acquires the renewal rights to Ageas's commercial business

AXA has acquired the renewal rights to Ageas’s commercial business

On 15 February 2022 AXA UK & Ireland announced the acquisition of the renewal rights to Ageas’s commercial business.

The acquisition further strengthens AXA’s growth strategy and commitment to its commercial business customers and broker partnerships, particularly in the SME and delegated authority market segments.
AXA has long supported SME businesses in the UK, having already invested in products and propositions to support them, delivered with a responsive service and digital offering designed to meet specific needs of both customers and brokers.
As part of the agreement, around 100 Ageas employees will move to AXA to provide capacity in servicing the migrating business. This will enable AXA to continue to provide a seamless operation and maintain quality, tailored relationships with brokers and clients, prioritising excellent service and value.
The acquisition will see renewals transferred to AXA Commercial UK from June 2022. As part of the transaction, Ageas will continue to manage and provide ongoing service across all policies until they are underwritten by AXA at renewal. AXA, alongside Ageas, will work closely with brokers to ensure positive customer outcomes continue to be delivered. This acquisition does not include the back book, which will remain with Ageas.

Read our Broker FAQs below for more information.

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AXA Commercial – Broker FAQ

With every acquisition we are aware that there will be diverse questions from our broker partners. As you might expect at this early stage of the deal there are some points that we can provide clarity on now, and others that we will clarify in a regular engagement programme up until the day we go live, and beyond.

AXA is committed to open and transparent communication throughout the next few months, ahead of the day we go live, and then ongoing through year one.

But for now it is very much business as usual and you can trade with AXA and Ageas just as you normally would; and we will be in touch again soon.

If you have any further questions that aren't covered below please email questions@axa-insurance.co.uk.

Employees

How many employees will move to AXA and when?: Following a consultation programme, around 100 people will transfer (TUPE) to AXA. This is planned to take place at the beginning of Q2.
What roles are included in the transfer?: The majority of the roles have an underwriting and broker relationship focus, with a number of leadership and operational roles. The Ageas Commercial team will remain heavily involved with the transferring business as we are keen to maintain your relationships so that you get to deal with the same people where possible.
What about claims?: The Claims function is not within the scope of this agreement; however we will continue to work with Ageas to ensure claims are responded to quickly and effectively.
Where will the new employees be based?: AXA has rolled out a ‘Smart Working’ policy for all staff and our new colleagues will benefit from the flexibility and benefits this provides.

Future plans/strategy

Why did AXA choose to go ahead with this deal, and how does this align to AXA’s strategy?: This acquisition is a positive step in the growth of our commercial business and further cements our commitment to the SME and Schemes market segments. We are also adding talent and experience to our existing team. This aligns well with our current commercial business portfolio and adds further underwriting and relationship strength to the Commercial Team, alongside our other market leading propositions in Mid-Market, Financial Lines, and Motor trade.

Broker Trading

We appreciate that brokers are going to be interested in understanding the approach and timings related to products, commissions, new business and renewals. What can we tell brokers now?: We are working through a detailed migration plan. How brokers trade with AXA moving forward will depend on the type of business they transact. To support the process, we will be providing clear details about what it means for manually traded, digital and scheme business. We will also provide regular updates to every one of our commercial brokers, and our account management team will help with individual broker queries.
How will any commission differences be handled?: We are finalising the details on this and will share an update with you as soon as possible. However, in the majority of cases, we are looking to honour Ageas's commissions, and our account management team will be in contact to agree this on an individual broker basis. Where other commercial terms exist, we will be talking with those brokers directly.
What is AXA’s offering for schemes and delegated authority?: AXA has been in the delegated authority market for over 30 years and it is a strategic priority for our commercial business, and one of the core reasons for us to acquire the renewal rights to Ageas’s commercial business. We are growing our core product appetite and have invested in expanding our specialty and financial lines teams; so, the Ageas team and capability in the schemes sector will extend our proposition further. We are excited to work with the Ageas scheme brokers and will be in touch with you all very soon to understand your business, your scheme, your market dynamics and your needs moving forward.
We are part way through onboarding a new scheme/product. How will that be affected?: There’s no need to do anything differently currently. If there are any changes going forward, we’ll let you know.
If Ageas open market/digital products are to remain in the short term, can I get a quote from both?: Please continue with the usual process through i-market, software houses or broker extranets. If anything needs to change in the future, we’ll let you know.
Will premium finance change?: We are finalising the details on this and will share an update with you as soon as possible. For now, it’s business as usual.

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