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The French AXA Group terminates the activities of its subsidiary AXA MBask Insurance Company OJSC in Azerbaijan.
The entity specializing in non-life insurance will cease to underwrite to new business but continue to manage the current portfolio.
In order to avoid such an issue, AXA entered into a transfer agreement with a member of the Board of Directors for a full recovery of the portfolio in 2018. Unfortunately, this agreement could not be realised, as the buyer did not comply with the deadlines.
Read also | AXA XL: reorganization project
The French AXA Group terminates the activities of its subsidiary AXA MBask Insurance Company OJSC in Azerbaijan.
The entity specializing in non-life insurance will cease to underwrite to new business but continue to manage the current portfolio.
In order to avoid such an issue, AXA entered into a transfer agreement with a member of the Board of Directors for a full recovery of the portfolio in 2018. Unfortunately, this agreement could not be realised, as the buyer did not comply with the deadlines.
Read also | AXA XL: reorganization project