Cinven, a international private equity firm, agreed to acquire AXA Life Europe, a European life insurance company, from AXA for $1.3bn. “Over time we have managed to build a strong relationship with ALE and its management team and believe the opportunity for ALE is compelling. Cinven’s acquisition of ALE is a ‘repeat play’ of the consolidation platforms we have created though Guardian Financial Services in the UK, Eurovita in Italy, and Viridium in Germany. Cinven’s investment strategy in this case focuses on the consolidation of closed life funds with Variable Annuity offerings, primarily across Ireland and the Isle of Man. We have ambitious plans for this business and look forward to working alongside Eoin and his team to create value over the coming years,” Caspar Berendsen, Cinven Partner.