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Axis Capital Holdings Ltd. has agreed to acquire Aviabel N.V/S.A., a Brussels-based general aviation insurer and reinsurer.
Terms of the deal were not disclosed.
The acquisition, which is subject to regulatory approval, is expected to close in the next six months, Pembroke, Bermuda-based Axis said Monday in a statement.
No layoffs are planned, and Aviabel’s staff is expected to be retained, an Axis spokesman said.
Axis said in the statement that it will keep the Aviabel brand, including its Dutch brand NLP (Nederlandse Luchtvaartpool), and that Aviabel will continue to operate from its locations in Brussels and Amsterdam after the acquisition.
Aviabel had 2015 gross premiums written of about €50 million ($53 million), Axis said. The company’s products and services are extended to general aviation, airlines, airports, pilots and crews, and aerospace manufacturers.
Mark Gregory, CEO of Axis Insurance’s international division, said in a statement that “Aviabel is a highly trusted and respected brand, with a portfolio that complements our existing business, expands our presence into the general aviation and smaller account segments, as well as increases our geographic footprint in aviation.”
W.R. Berkley Corp. on Monday said it has an agreement to sell a wholly owned investment, Aero Precision Industries, and certain related aviation services businesses.