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Daily Insurance Industry News
Tuesday 21st of May 2019
January 1, 2011

AXA CEE acquires Belarusia’s B&B

by Gill Montia

Story link: AXA CEE acquires Belarusia’s B&B

AXA CEE acquires Belarusia’s B&B

AXA Central & Eastern Europe is acquiring 80% of Belarusia’s second-largest insurer, B&B Insurance, furthering its expansion strategy in key Central & Eastern European (CEE) markets.

B&B Insurance, which operates through a network of around 260 exclusive agents, is focused on the property & casualty insurance market, where it enjoys a 10% market share overall (€29 million in revenues in 2009).

Commenting on the acquisition, the group’s chief executive officer CEE, Cyrille de Montgolfier, says: “We would like to replicate AXA’s success in Ukraine, where we’ve become market leader in three years, by leveraging on geographical and cultural ties between the two countries.”

According to AXA, the Belarusian insurance market offers significant potential. For example, less than 15% of households benefit from home insurance.

The transaction is expected to complete in the first quarter of 2011.

 

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