AXA Completes Transfer to Paris Re

France’s AXA Group announced that it has completed the sale of its subsidiary AXA RE’s business to Paris Re Holdings. The transaction closed on December 21, 2006.

AXA first revealed plans for the restructuring in April, when it received a binding offer for the reinsurance business from Paris Re Holdings Limited, a newly-created company sponsored by a consortium of international investors led by Trident III, L.P., a fund managed by Stone Point Capital LLC (See IJ web site April 6,10).

At the time AXA indicated that the deal was valued at around €120 million ($145 million). AXA retains a 3.4 percent stake in Paris Re.