French insurance group April Group has announced the launch of Axeria Re Limited, a fully owned subsidiary to write reinsurance business. Axeria Re is licensed in Malta by the Malta Financial Services Authority.

Set up in 1988 with headquarters in Lyon, France, April Group is a French insurance company that has a turnover of over €600 million and employs 2,500 staff. April Group specialises in the design, manufacture and distribution of insurance products adopting an innovative and client focused approach. The group is quoted on the Euronext Paris Stock Exchange.

Axeria Re is to act as the group’s reinsurer optimising risk retention within the group as well as attracting reinsurance business from other insurance companies. Axeria Re’s operation is physically located in Malta and the company employs local staff to administer its business from Malta.

In a launch event held at Palazzo Parisio in Naxxar, Axeria Re CEO Dominique Godet said that what had attracted Axeria Re to Malta was European Union membership, the euro currency and the proactive stance of the MFSA.

“April Group has been very impressed by the level of service it received in Malta as well as the speed and efficiency of conducting business, which has confirmed that we made the right choice in opting for Malta rather than other EU domiciles,” said Mr Godet. He also cited the depth and breadth of support given by HSBC Insurance and Asset Management in helping to establish the entities in such a short timeframe.

Following the success of Axeria Re, April Group is in the process of setting up two insurance companies with the assistance of HSBC Insurance Management (Malta) Ltd. These new insurance entities will be utilised by the April Group as their base for passporting insurance into other EU domiciles.