On 15 February 2022 AXA UK & Ireland announced the acquisition of the renewal rights to Ageas’s commercial business.
Read our Broker FAQs below for more information.
With every acquisition we are aware that there will be diverse questions from our broker partners. As you might expect at this early stage of the deal there are some points that we can provide clarity on now, and others that we will clarify in a regular engagement programme up until the day we go live, and beyond.
AXA is committed to open and transparent communication throughout the next few months, ahead of the day we go live, and then ongoing through year one.
But for now it is very much business as usual and you can trade with AXA and Ageas just as you normally would; and we will be in touch again soon.
If you have any further questions that aren't covered below please email firstname.lastname@example.org.
Following a consultation programme, around 100 people will transfer (TUPE) to AXA. This is planned to take place at the beginning of Q2.
The majority of the roles have an underwriting and broker relationship focus, with a number of leadership and operational roles. The Ageas Commercial team will remain heavily involved with the transferring business as we are keen to maintain your relationships so that you get to deal with the same people where possible.
The Claims function is not within the scope of this agreement; however we will continue to work with Ageas to ensure claims are responded to quickly and effectively.
AXA has rolled out a ‘Smart Working’ policy for all staff and our new colleagues will benefit from the flexibility and benefits this provides.
This acquisition is a positive step in the growth of our commercial business and further cements our commitment to the SME and Schemes market segments. We are also adding talent and experience to our existing team. This aligns well with our current commercial business portfolio and adds further underwriting and relationship strength to the Commercial Team, alongside our other market leading propositions in Mid-Market, Financial Lines, and Motor trade.
We are working through a detailed migration plan. How brokers trade with AXA moving forward will depend on the type of business they transact. To support the process, we will be providing clear details about what it means for manually traded, digital and scheme business. We will also provide regular updates to every one of our commercial brokers, and our account management team will help with individual broker queries.
We are finalising the details on this and will share an update with you as soon as possible. However, in the majority of cases, we are looking to honour Ageas's commissions, and our account management team will be in contact to agree this on an individual broker basis. Where other commercial terms exist, we will be talking with those brokers directly.
AXA has been in the delegated authority market for over 30 years and it is a strategic priority for our commercial business, and one of the core reasons for us to acquire the renewal rights to Ageas’s commercial business. We are growing our core product appetite and have invested in expanding our specialty and financial lines teams; so, the Ageas team and capability in the schemes sector will extend our proposition further. We are excited to work with the Ageas scheme brokers and will be in touch with you all very soon to understand your business, your scheme, your market dynamics and your needs moving forward.
There’s no need to do anything differently currently. If there are any changes going forward, we’ll let you know.
Please continue with the usual process through i-market, software houses or broker extranets. If anything needs to change in the future, we’ll let you know.
We are finalising the details on this and will share an update with you as soon as possible. For now, it’s business as usual.