In Germany, AXA has a foothold on the market of the legal protection insurance
It took patience to AXA. More precisely, the French group specialized in insurance, has had to wait a decade before being able to take the control of Roland, the third actor of the legal protection in Germany. Round-up of this new operation.
3rd German insurer in legal protection
By purchasing shares from four minority shareholders, the AXA group has recently taken control of the entity, Roland specialized in legal protection insurance. A takeover which is carried out with the cooperation of the German insurer Gothaer.
Weighing in at 429 million euros of fundraising and representing 11 % market share, and Roland which has over a thousand employees figure to 3rd place in the German market of legal protection behind Ergo (11 %) and Allianz (12 %).
Before the takeover of AXA, the shareholding of Roland was erupted between six different entities. The French insurance group now owns 60 % of the shares of the insurer Roland.
An operation to less than 100 million euros
If the AXA group wishes to grow in the market of legal protection insurance, he will have to reckon with Gothaer, which now has 40 % of the shares of Roland and will also retain the half of the voting rights.
In addition, while the insurance group AXA has not yet reported on the cost of this operation, the experts consider that the purchase of 30% of the shares did not exceed 100 million euros for the French insurer and Gothaer.
Finally, note thatAlexander Vollert, ceo of AXA Germany, welcomed the preservation of commercial relationships with two former shareholders of Roland, to know Barmenia and Basler, which will still feature in the future products of the specialist in legal protection insurance.