AXA has entered into an agreement to acquire Nobis Group, a retail P&C insurance company based in Italy. The deal is expected to be completed in the first half of 2025.
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.
According to AXA, the acquisition will further diversify the firm’s distribution channels, particularly through long-term agreements with car dealerships within the Nobis network, supporting profitable growth. By leveraging Nobis' network and expertise, AXA Italy expects to improve its market position in P&C.
Patrick Cohen, CEO of AXA European Markets and Health, comments: “This acquisition will further strengthen our position in the Italian P&C market, adding scale as well as distribution capabilities to our business.
“We are confident that the combination of Nobis with our dynamic Italian business will create both growth and innovation opportunities within our organisation.”
