European insurer AXA announced the securitization of its motor insurance portfolios. Managed by the French bank Natixis, the deal securitizes the loss risk on the portfolios of motor insurance policies drawn from Italy, Spain, Germany and Belgium.

The transaction, FCC Sparc Europe, will transfer 450.8 million to the capital markets over a period of four years. It's the second issue structured under the FCC Sparc name - the debut issue priced in 2005. The deal was structured with four tranches that included a triple-A 91.5 million Class A piece; a 220 million single-A/single-A-plus Class B tranche; a 100.1 million triple-B Class C tranche and a 39.2 million double-B Class D tranche.

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