AXA announced on the December 29th 2010 its 80% B&B Insurance Belarus share purchase, a company holding the first place on the local profile market and the second place on the local non-life insurance market.
B&B Insurance activates on the property and casualty segment, in which the company holds a market share of 10% (with a EUR 29 million turnover in 2009) and on other segments, where the market share varies between 20% and 40%.
"The acquisition of B&B is an excellent opportunity for AXA to enter the Belarusian market, currently in development. We wish to repeat our success from Ukraine, where we became market leaders in 3 years, taking advantage of the cultural and geographical bonds between the two countries", declared Cyrille de MONTGOLFIER, CEO of AXA CEE.
The transaction is to be finalized in the first quarter of 2011 after the relevant authority's approval. The insurance market in Belarus has a significant growth potential, penetration rate on Motor Hull insurance being under 20%, and of 15% for household insurance.