French insurer AXA acquired for EUR 135 million the insurance arm of mBank in Poland (BRE Ubezpieczenia), reported REUTERS. Meanwhile, the two entities have signed a 10-year distribution agreement of AXA products through bank subsidiaries. Other insurers interested in the business were GENERALI and ZURICH.

mBank is a Polish direct bank, part of BRE Bank (owned by COMMERZBANK). mBank was launched as a Greenfield venture in November 2000.

BRE Ubezpieczenia was launched at the end of 2006. The primary business of the insurer consisted of property and personal insurance. ASPIRO S.A. (a finance broker member of mBank) holds 100% of shares in BRE Ubezpieczenia. At the end of 2013, the Polish insurer reported GWP of PLN 198.5 million (EUR 47.9 million) being the 22th (of 31) largest non-life insurer in the country.

AXA is active on the Polish market through other two entities: the life insurance company AXA Zycie TU S.A. (GWP of PLN 1.2 billion / EUR 287.5 million in 2013) and the non-life insurer AXA TUiR S.A. (PLN 258.5 million / EUR 62.3 million).

At this moment, the transaction is subject to regulatory approval.