AXA has received a binding offer from Stone Point Capital for AXA RE's business

Under the terms of the offer, the business of AXA RE would be ceded in 2007 to Paris Re Holdings. AXA has agreed to a period of exclusivity with Stone Point Capital, and intends to respond to this binding offer following consultation with the relevant workers' councils.

AXA announced the receipt of a binding offer for the business of AXA RE from Paris Re Holdings Limited, a newly-created company sponsored by a consortium of international investors led by Trident III, L.P., a fund managed by Stone Point Capital LLC, in which AXA would take participation between 5% and 10%. Other lead investors include Hellman & Friedman, Vestar Capital Partners, Crestview Capital Partners, ABN Amro and New Mountain Capital.

The risks attached to the 2006 claims experience of ceded business would also be accrued to Paris Re Holdings. Underwriting and claims for 2006 and prior years would continue to be managed by AXA. AXA would guarantee the reserves pertaining to losses incurred on or before December 31, 2005.