AXA buys BRE insurance firm

Insurance giant AXA has acquired the non-life insurance firm of mBank, BRE TuiR, the company said in a press release on Friday. The buyer will pay PLN 570 million. The deal value may be adjusted upon completion plus an additional amount may be paid when certain conditions are met. The takeover is subject to regulatory approval. It is expected to be completed in the first half of 2015. “We are very satisfied with this purchase and with the long-term distribution agreements with mBank,” said Stephane Guinet, CEO of AXA Global Direct. “In our opinion it will contribute to a significant strengthening of our position in Poland, which for us is an important emerging market in the insurance sector,” he added. mBank said that it would exclude its insurance unit BRE Ubezpieczenia, which BRE TuiR was a part of, from its capital group. It is in talks with five entities on a potential joint venture or sale of the unit.