French multinational insurer AXA has signed an agreement with Canadian holding firm Fairfax Financial to sell its entire insurance business in Ukraine.
Fairfax Financial Holdings, the Toronto headquartered group, through its subsidiary FFHL Group, is looking to purchase 100% of the life entity AXA Insurance Life and the non-life entity AXA Insurance.
Fairfax and its subsidiaries offers a mix of investment management, reinsurance, property and liability insurance services.
According to a press release by AXA Group, 50% of its AXA Insurance business in Ukraine belongs to local commercial bank UkrSibbank. Over 1H2018, AXA Insurance written insurance premiums reached $32.54m gross, a rise of 14% YoY.
The Ukrainian insurance business has more than 780 employees and 1,220 agents throughout the country. In 2015, Fairfax acquired QBE Ukraine, which was later re-branded as Colonnade Ukraine.
Completion of the transaction is subject to customary closing conditions including the receipt of regulatory approvals.