AXA announces the success of its second securitization of motor insurance risk

AXA announced today the closing of the Euro 450 million securitization of its pan-European motor insurance portfolio. Overall, the Notes were close to 3 times oversubscribed, with a strong demand received for each of the four classes and a significantly broadened investor base as compared to AXA's first securitization of its French motor portfolio. The average margin of 59 basis points over Euribor is in line with similarly rated synthetic banking securitizations.