Partnership targets expanding specialty business in Africa

Specialist Lloyd’s of London insurance group Chaucer P.L.C. said that it has entered a partnership with New York-based insurer AXA Equitable Life Insurance Co. to develop a specialty insurance business in Africa.

This partnership with AXA’s African distribution network will help London-based Chaucer to extend its specialty underwriting reach and access more specialty business in this market, Chaucer said Tuesday in a statement.

Chaucer said it has a 12% share of Lloyd’s premiums written in this region. Chaucer will share the specialty business with AXA through the formation of a special purpose syndicate, according to the statement.

“We are delighted to be AXA’s chosen partner in developing specialty insurance business in Africa. This partnership highlights the growth opportunities that this region provides, as well as demonstrates our capabilities in emerging markets and our talent for working creatively with industry partners. Our strategic alliance with AXA will deepen our access to the African marketplace, which will produce significant advantages for Chaucer in the years ahead,” Johan Slabbert, CEO of Chaucer, said in the statement.