April Group sets up Malta-based subsidiary
France-based insurer April Group has announced the launch of a new reinsurance business in Malta, Axeria Re Limited.
Axeria Re is a fully owned subsidiary of April Group and is licensed in Malta by the Malta Financial Services Authority (MFSA).
April Group, based in Lyon, France, has a turnover in excess of €600 million, and has 2,500 employees. It is quoted on the Euronext Paris Stock Exchange.
Axeria Re will be April Group’s reinsurer, optimising risk retention within the group, whilst at the same time seeking to attract reinsurance business from other companies.
At the launch event, Axeria Re CEO, Dominique Godet, said the company had chosen to set up in Malta because of the country’s European Union membership, because it uses the Euro currency, and because of the MFSA’s proactive stance.
Godet added that Axeria had been ‘very impressed’ at the high level of service and efficiency that the company had received in Malta.
Following the successful launch of Axeria, April Group plans to set up two new Malta-based insurance companies in partnership with HSBC Insurance Management (Malta) Ltd.
April Group will use the new companies to offer insurance products across the EU.
Category: Insurance News
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