AXA and BNP PARIBAS to join forces on the Ukrainian property & casualty insurance market

AXA and BNP Paribas announced today they had reached an agreement for the establishment of a partnership on the Ukrainian property & casualty insurance market. AXA will acquire from BNP Paribas' subsidiary UkrSibbank a 50% stake in its insurance subsidiary: Ukrainian Insurance Alliance (UIA). AXA will take the management control of the joint company, which will benefit from an exclusive bancassurance distribution agreement with UkrSibbank for an initial period of 10 years.