AXA receives an award for the securitization of its French individual motor insurance portfolio

Applauded as a particularly innovative transaction, the securitization of the AXA France IARD's motor insurance portfolio, arranged by IXIS Corporate & Investment Bank, received the title "ABS Deal of the Year 2005 - Europe" on January 24, 2006. The award was presented by the London-based magazine International Securitisation Report (ISR), the foremost source of information for the structured finance community. ISR is a Thomson Financial publication.

This world premiere consisted in securitizing the risk of deviation of the cost of claims of AXA France IARD's motor insurance portfolio - a portfolio representing over one billion euros of premiums for close to three million vehicles.

The transaction, finalized with the reinsurer Nexgen Re and the FCC (fonds commun de créances, a French securitization vehicle) FCC SPARC on December 9, 2005, enabled the transfer of 200 million euros of risks to the financial markets for a duration of four years. The placement was carried out successfully among European investors keen to diversify their risks.