AXA XL confirmed its plan to sell the private client business to the insurance giant Aviva. The company mentioned that they have been looking to reposition Llyod’s business to focus on optimizing its portfolio to fit strategically within the AXA Group and the broader AXA XL division.
In a statement made by the company it is said that “AXA XL has invested in and developed an established and market-leading UK private clients teamer the past several years; however, as part of a strategic realignment, we have decided to sell that part of our business to Aviv. This action relates to private client business underwritten in the UK. This decision does not have any impact on our fine art and specie business in the UK or worldwide and it does not mean that we will exit all consumer lines business in the UK.”
Sean McGovern, CEO of UK & Lloyd’s at AXA XL said that the move was the “last major step” in its portfolio realignment.
He further added, “Over the past six months, we have been taking decisive action in the UK to get our portfolio to where we want it to be,” he said. “The sale of our UK private client business is the last major step and enables us to focus attention on our core specialty, wholesale and commercial P&C business and it does not impact our specialist fine art and specie business in the UK or worldwide.”
The strategic realignment will result in AXA XL’s private client’s team moving to Aviva according to the deal that will be completed later this year.