Liberty Mutual, AXA Join To Offer Global P-C
NU Online News Service, April 21, 12:35 p.m. EDT, San Diego?Liberty Mutual Group, based in Boston, and European insurer AXA Corporate Solutions announced an alliance to provide a source for global property and casualty insurance programs.[@@]
"We both aim for large multinational clients, but of different nationality," said Trond Landsvik, who heads up Liberty Global, a unit of the Liberty Mutual group that works with clients with international coverage needs. " Liberty is only interested in North American multinationals?typically the clients that we have now, Fortune 500 companies."
Equally, he said, AXA, is interested in European multinationals of the same type and size. "So instead of going out and buying another company in Europe, Liberty then cooperates with AXA, AXA takes the risk on Liberty's clients in Europe for the compulsory lines?motor fleet and employees liability?and then reinsures back to us the primary lines that we are interested in keeping, such as general liability and property. We would do the same for AXA, for North America.
Jean Paul Rignault, chief executive officer of Paris-based AXA, said the partnership is "clearly a win-win situation because both companies have the same target to offer worldwide services to the multinational client. By joining forces, we may add what we are good at and accumulate on capability to best serve these clients needs."
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