Crédit Agricole acquires specialist French insurer

France’s largest bancassurer
Crédit Agricole’s insurance unit Crédit Agricole Assurances (CAA)
has completed the acquisition of French life insurer Axeria Vie and
its subsidiary April Patrimoine for an undisclosed sum.

Crédit Agricole noted that
the acquisition was aimed at expanding CAA’s range of products and
services for the premium, online and other specific market
segments.

Axeria Vie specialises in
designing customised life and savings insurance products
distributed under its partner agents’ brand names.

In 2009, it reported sales of
€187m ($240m), €251m in underwriting reserves and 27
employees.

According to Crédit Agricole,
April Patrimoine operates along three basic lines:

• Advice on optimising growth
  and portfolio profitability;
• Design of products to suit
  national and international markets; and
• A product range and
  marketing approach aimed at the over-45 year age group.

In 2009, April Patrimoine
reported sales of €190m, €10.3m in commissions and 36
employees.

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