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France-based April to record €21.1M charge on tax agreement

April SA will record a noncurrent expense of €21.1 million in its 2019 accounts, in addition to an already recorded €20 million provision, after reaching a final agreement with French tax authorities regarding an additional charge related to its subsidiary in Malta.

April received a tax reassessment notification from the authorities regarding the territoriality of the reinsurance business conducted by Malta-based Axeria Re Ltd. in 2018. It has previously contested the charge.