We’re growing our heartland of Personal lines

We’re selling our Commercial lines business to AXA UK, to focus on what do best – personal lines sold through brokers.

Posted on 15th February 2022 Tagged in Corporate News Personal Lines Commercial Lines
Ageas Broker Focused on what we do best

Last year, we announced a new three-year strategy, with ambitions for growth through a laser-like focus on our historic heartland of brokered personal lines business.

Today we announced the sale of our commercial lines business to AXA, which is an important step in our strategy.

Commenting on the deal, Ant Middle, CEO at Ageas UK, said:

“The sale of our Commercial lines business is an important step in our strategy to focus on growing our heartland of intermediated Personal lines business, particularly where it’s traded electronically. While we’ve modestly grown in Commercial lines over the last couple of years, our focus is now elsewhere.
“I’m pleased that, through this deal, we’ve enabled continued employment in Commercial lines for our people who will transfer to AXA, an organisation well-placed to support our people, brokers and their clients in the future management of this business.
"We are proud of the Commercial lines expertise we have developed in this team, and in announcing this next step for Ageas in the UK, I would like to thank our people, brokers and suppliers for their invaluable support in building this business with us over the last few years.”

Around 100 Ageas employees who work predominantly on Commercial lines underwriting and broker relationship management services will transfer to AXA and at the same time remain based at Ageas’s Gloucester office - where AXA will lease some space.

What happens next?

At this stage, we know you’re likely to have many questions about renewals, continuation of service, commission structures, and administration in general.

In short, the sale means that AXA will take over renewals from July 2022, while existing policies will remain with Ageas until their respective renewal date. AXA is seeking to honour most existing broker commission arrangements - they’ll be in contact to discuss your onward terms of business arrangements. Rest assured; we’re both working hard behind the scenes to make sure there’ll be minimum impact on your business.

AXA will have the momentum to expand its well-established Commercial lines business in the UK – an arena in which it performs exceptionally well. At the same time, we’ll be focussing on doubling-down in our Personal lines business, developing our Personal lines broker partners even further, and building on our success in this area as one of the UK’s market leaders.

Rest assured; we’re working hard behind the scenes to make sure the changes announced today have minimum impact for any brokers handling Commercial lines business. We’ll provide updates soon on how things are progressing.

Who do I contact if you have a query?

Please continue to use your usual contact(s) at Ageas – however, if you’re unsure who to contact please email broker@ageas.co.uk.

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