Bermuda insurer Axis Capital Holdings Ltd plans to buy and aviation insurance and reinsurance specialist based in Belgium.

Axis said the deal it had struck to acquire Aviabel would increase the company’s scale and relevance in the global aviation market.

The Bermudian company said it would maintain Aviabel’s locations in Brussels and Amsterdam and would also keep the Aviabel brand, as well as the company’s Dutch brand, Nederlandse Luchtvaartpool.

The terms of the deal, which is subject to regulatory approval, were not disclosed.

Mark Gregory, chief executive officer of Axis Insurance’s International Division, said: “Axis is committed to the aviation market for the long-term and, through this acquisition, we’re increasing our scale and market relevance.

“Aviabel is a highly trusted and respected brand, with a portfolio that complements our existing business, expands our presence into the general aviation and smaller account segments, as well as increases our geographic footprint in aviation.

“Aviabel is also a great cultural fit — like Axis, it is a specialty company that is entrepreneurial and agile and that places a very high priority on its clients and its employees.”

Aviabel has been providing insurance and reinsurance for the general aviation industry for more than 80 years and gross premiums written of around 50 million euros ($53.1 million).

According to Axis’s statement, Aviabel has “a portfolio of partnerships and clients spanning the globe” and its “products and services extend across general aviation, airlines, airports, pilots and crews, and aerospace manufacturers”.

Cécile Coune, CEO of Aviabel, said: “Becoming part of Axis provides an opportunity to benefit from the financial strength and resources of a global carrier and to significantly enhance the services and programmes that we offer to our clients and our employees.

“Further, Axis is a company with a strong understanding of today’s transformed insurance marketplace and its leadership has a clear vision for where the industry is heading. This is the beginning of an exciting new chapter for Aviabel, our team and our clients.”