The French insurer AXA, one of the leading insurers in Europe, wants to acquire control over the UK insurance company Guardian Royal Exchange (GRE).
In life and non-life insurance sector, the concentration between AXA and GRE will have a limited impact on UK and Germany although their activities are overlapping, and, on France where GRE's market shares are limited.
The operation will substantially change the structure of the markets concerned only in Luxembourg. Given that AXA and GRE have significant market shares on several markets in non-life insurance sector and that that sector is composed of few competitors, (essentially Le Foyer Assurances, la Luxembourgeoise), each with a significant market share, there is no doubt that the operation will create or strengthen a dominant position.
To avoid the creation or the strengthening of a dominant position, AXA and GRE have undertaken to change, the structural links between AXA and Le Foyer Assurances.
Therefore, the European Commission decided to authorise the concentration at the first stage of investigation.
This article is based and incorporates information provided by the European Commission (Press Releases) and is intended for general information. Specialist advice should be sought before acting on it.
Take over of Guardian Royal Exchange by AXA, subject to undertakings
