AXA to acquire Spanish health insurer GACM Espana for €310m
French multinational insurance company AXA has announced entering into negotiations to acquire Groupe Assurances du Credit Mutuel Espana (GACM Espana) for €310 million in an all-cash deal.
GACM Espana is mainly a property and casualty (P&C) and health insurer.
AXA will make the acquisition through AXA Spain, which has entered into discussions with Groupe des Assurances du Crédit Mutuel (GACM SA), the parent of GACM Espana.
Olga Sanchez — AXA Spain CEO, commenting on AXA acquisition of GACM Espana, said: “This acquisition will strengthen our leading position in Spain and we look forward to growing our business while ensuring a smooth transition for both policyholders and employees.”
The acquisition is expected to be completed in the third quarter of 2023.
It is subject to customary closing conditions, including completing the information and consultation of the relevant works councils, as well as obtaining required regulatory approvals.
GACM Espana earned gross written premiums of €400 million with a consolidated net income of €16 million in 2021, primarily across retail P&C and health.
Commenting on AXA acquisition of GACM Espana, Frédéric de Courtois — AXA Deputy CEO said: “This transaction reflects our disciplined approach towards M&A in line with our strategy, enhancing our scale in one of our core European markets, with a focus on technical lines.”