Allen & Overy advised AXA Liabilities Managers ("AXA LM") on the acquisition of German run-off company GLOBALE Rückversicherungs-AG ("GLOBAL Re").
In 2014, AXA LM had already acquired the subsidiaries of GLOBAL Re in Australia, Canada, Switzerland and the US, with Allen & Overy also acting as the legal advisor. The current transaction was carried out via AXA LM's investment vehicle AXA DBIO. With this transaction, AXA LM acquires gross reserves of EUR 98 million in total.

The GLOBAL Re Group, once the sixth largest reinsurance group in the world, mainly insured non-life reinsurance risks in the US, Great Britain and Continental Europe. In October 2002, it was decided to place the GLOBAL Re Group in run-off.

AXA LM is an AXA Group company headquartered in Paris and specialised in the acquisition and management of non-life reinsurance business. Since 2001, AXA LM has integrated more than 20 portfolios in 9 different countries, with the aggregate value exceeding EUR 8 billion.

The team of Düsseldorf-based partner Dr. Jan Schröder regularly acts for AXA LM.  The transaction once again underlines the team's leading position in insurance sector transactions, in particular in the run-off field.

The Allen & Overy  team comprised partner Dr. Jan Schröder, counsel Anne Fischer and senior associate Dr. Achim Schmid (all corporate/M&A and corporate insurance law, Düsseldorf). Partner Tobias Neufeld, associate Dr Patrick Flockenhaus (both employement law, Düsseldorf) and counsel Dr. Markus Ernst (tax law, Munich) also advised on the transaction.