Ageas UK has sold its commercial lines business to AXA Insurance UK as part of its ongoing strategy to focus on growing its intermediated personal lines business.
As part of the deal, Ageas’s commercial lines business will transfer to AXA from July 2022.
Ant Middle, CEO at Ageas UK, said, “The sale of our commercial lines business is an important step in our strategy to focus on growing our heartland of intermediated personal lines business, particularly where it’s traded electronically. While we’ve modestly grown in commercial lines over the last couple of years, our focus is now elsewhere.”
Around 100 Ageas employees who work predominantly on commercial lines underwriting and broker relationship management services will transfer to AXA. They will continue to work from Ageas’s Gloucester office, where AXA will lease some space.
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