The motor insurance group Guardian PMPA has changed its name and will now trade as AXA Ireland. The group, which employs 700 in the Republic, was recently purchased by the AXA UK subsidiary Sun Life and Provincial Holdings.

AXA chairman Mr Claude Bebear stressed said the company would continue to maintain its leading position in the Irish motor insurance sector.

AXA is currently in advanced discussions to sell GRE's small life assurance operations.