AXA to acquire Nobis Group

AXA has entered into an agreement to acquire Nobis Group, a retail P&C insurance company in Italy with a diversified distribution network that includes multi-tied agents and car dealer partnerships.

Nobis reported €500 million of gross written premiums and net income of €35 million in 2023.

Under the terms of the transaction, the upfront consideration for the acquisition will amount to €423 million, with a potential earn-out of up to €55 million.

By leveraging Nobis’ network and expertise, AXA Italy expects to improve its market position in P&C from #5 to #4.

“This acquisition will further strengthen our position in the Italian P&C market, adding scale as well as distribution capabilities to our business. AXA Italy, together with the management team of Nobis, is very motivated to make this acquisition a success, as we are confident that the combination of Nobis with our dynamic Italian business will create both growth and innovation opportunities within our organization.” – Patrick Cohen, CEO of AXA European Markets and Health.