In February, the companies reached an agreement in principle on the main financial terms of a $10.8bn (£8bn) takeover proposal.
The entity will operate alongside AXA XL’s existing companies and participate in the same AXA XL pool as the Indian Harbor Insurance Company.
Established in 2002 and headed by James Osman, Commercial Risks operates as a London Market broker.
The agreement builds on ShopeePay’s existing relationships with Zurich General Insurance Malaysia Berhad and Zurich General Takaful Malaysia Berhad.
Under the Insurance Innovation Challenge, a maximum of three successful entrants will each be granted up to $40,000 (Rs3.87m) to construct or expand their solutions.
