global insurance management

AXA Assistance acquires Global Insurance Management


Sep 14 2015

PRESS RELEASE

AXA Assistance and AXA Creditor strengthen their position in Warranty services worldwide by acquiring Global Insurance Management as a part of the AXA Group

Coventry, UK, 2015 - Global Insurance Management Limited, the leading insurance solutions provider, is pleased to announce that it has today been acquired by the AXA Group.

John Gilbert, Managing Director of Global commented, “Having worked in partnership with AXA for almost 40 years, developing tailored insurance products for clients across the UK and in more than 39 countries overseas, an acquisition by AXA Assistance is the next logical step for Global. Our reputation for delivering profitable, compliant, sustainable insurance solutions for leading brands led to us becoming the worldwide centre of warranty excellence for the AXA Group, and today’s announcement means an even brighter future for Global and our clients.”

Bruno Jantet, AXA Assistance Regional CEO for Europe remarked, “We are very proud to have Global Insurance Management as a part of the Group. Global brings a wealth of complementary skills and competences, as well as wide ranging expertise, and a state-of-the-art tool for the industry (GDN*). This model provides Global with exceptional scope as AXA’s centre of excellence for extended warranty and related services which can be used to provide Global’s expertise around the world.”

Corinne Vitrac, Managing Director of AXA Creditor pointed out, “We were looking for a recognised Partner, a market leading administration platform specialised in Mechanical Breakdown & GAP with international tools & experiences to reinforce our capabilities towards car manufacturers and to meet the ambitious objective of the Group. This operation will enable us offering wider insurance solutions to accompany existing and future clients on broader scope”

In the last 10 years alone, Global has seen business operations grow to in excess of £40 million GWP annually, while gaining an enviable list of high profile clients across the motor, manufacturing, banking, finance and affinity markets, as well as a reputation for nurturing profitable, transparent, long term client relationships.

Gilbert added, “AXA is a worldwide leader in insurance with a high profile presence in more than 56 countries. By becoming part of the AXA Group, we not only guarantee a continuity of the superior product development the well-known brands we work with have come to expect, but also expand our opportunities and can deliver new and innovative solutions to additional markets internationally.”

*”GDN” stands for the Global Dealer Networking system that provides an efficient and flexible solution to promote warranty sales and process claims in a secure web environment.

ENDS

About Global Insurance Management

Global Insurance Management is a UK based provider of warranties, insurances and underwriting expertise, with a leading reputation for quality and service. Based in Coventry, they provide products and services to clients across more than 39 countries, and third party administration services to other insurers and companies worldwide.

About AXA Creditor

Established in 2010 to develop credit and lifestyle protection with large distribution partners on international markets, AXA Creditor is the #6 European player in creditor insurance with 5% market share (1). AXA Creditor sells products through partnerships with financial institutions, mainly banks and auto finance providers, via direct distribution (80% of GWP) as well as reinsurance quota share agreements (20% of GWP). Since 2010, AXA Creditor’s business development has been successful thanks to two complementary dynamics: innovation and diversification. AXA Creditor, ca.150 employees overall, is now well on track to reach its ambition to become a leader of credit and lifestyle protection in partnerships environment. In 2014, AXA Creditor recorded GWP of Euro 895 million.

About AXA Assistance

AXA Assistance is among the world leaders in providing assistance, with near 1.3 billion euros annual revenue, 23 million euro underlying earnings and 9.4 million handled files in 2014.  Wholly-owned by the AXA Group, AXA Assistance is the global assistance specialist provider in Automotive, Travel, Home, Health and Life Care Services.

Its 7,523 people are located in 33 countries and do business in over 200 countries. They support their partners and look after their customers by providing best-in-class solutions beyond immediate situations, anywhere, anytime.

About the AXA Group

The AXA Group is a worldwide leader in insurance and asset management, with 161,000 employees serving 103 million clients in 59 countries. In 2014, IFRS revenues amounted to Euro 92.0 billion and IFRS underlying earnings to Euro 5.1 billion. AXA had Euro 1,277 billion in assets under management as of December 31, 2014.

The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.

The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.

It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment

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