Europ snags AXA Partners businesses for APAC expansion

Europ snags AXA Partners businesses for APAC expansion | Insurance Business Asia

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Europ snags AXA Partners businesses for APAC expansion

“We are accelerating our effort to also reach a leadership position in the region”

Insurance News

By
Kenneth Araullo

Europ Assistance has announced its acquisition of several assistance businesses from AXA Partners as part of its expansion in the region.

The transaction involves assistance businesses under the AXA Partners banner in Malaysia, Thailand, Japan, Hong Kong, and Taiwan. In a news release, Europ Assistance Group CEO Antonie Parisi (pictured, left) confirmed the importance of Asia to its sustainable growth strategy.

“Europ Assistance enjoys leadership positions in Europe, Latam and North America. With this acquisition, coming on top of several other recent investments, we are accelerating our effort to also reach a leadership position in the region, and further strengthen our global, multiline, and multichannel positioning,” Parisi said.

Since 2019, Europ has opened offices in Thailand, Malaysia, and Singapore, as well as acquired the Australian and Middle Eastern subsidiaries of Mapfre Assistencia. The firm has also been historically present in China, India, and French Pacific territories.

Europ Assistance Group mobility and international CEO Pascal Baumgarten (pictured right) said that the transaction will allow the firm to gain a decent foothold in several countries across Asia.

“The acquisition of AXA Partners entities will allow us to strengthen our footprint in Thailand and Malaysia, to enter Hong Kong and Taiwan and re-enter Japan. In all these countries, we will be able to offer a complete range of assistance services to local clients (travel, mobility, personal assistance), and to develop our global travel insurance activity with both Asian partners and global partners willing to expand in Asia,” Baumgarten said.

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