Cession of AXA Re

The management committee has approved the takeover bid of AXA's portfolio made by a consortium of investors led by the American Stone Point Capital. The newly-created reinsurance company, Paris Re Holding Limited, in which AXA Re will hold 5 to 10% shares, will be fully operational as of 2007.

AXA Re Ltd.'s run-off will be entrusted to AXA Liability Management which will maintain 110 of its collaborators, while other 450 employees will be taken by Paris Re.
According to some sources, the takeover bid for AXA Re should amount to 147 million USD.