Axa announced today that it has obtained all regulatory approvals required to complete the proposed acquisition of XL Group Ltd. previously announced on March 5, 2018.
The Paris-based global insurer said it expects to close on the acquisition of XL Group on Sept. 12.
On June 6, shareholders of XL Group approved a purchase agreement of 100 percent of AXA’s XL Group.
AXA has provided financing for the purchase of 12.4 billion euros ($ 14.9 billion) and is not dependent on any additional debts.
XL Group provides AXA’s current commercial line insurance portfolio and a special platform to diversify reinsurance capabilities that will enable AXA to reach alternative users.
As previously announced, the two insurance companies will choose the division that will be the result of the purchase, the large property / casualty lines and a dedicated department dedicated to the risks. AXA Group, a new division of AXA Group, will combine XL Group operations, AXA Corporate Solutions and AXA Art, and operate under the main brand of AXA.
The bids for the new AXA XL will be set on three main lines:
XL Insurance will include XL Group’s insurance business and AXA Corporate Solutions. XL Art & Lifestyle, which is a combination of XL Group & Fine Arts and Specie and AXA Art presentations;
XL Reinsurance will include reinsurance business of XL Group;
XL Risk Consultancy will include AXA Matrix and XL Group’s Property Risk Engineering GAPS.
In addition, XL Group’s main Lloyd’s union will continue to be known as XL Catlin Syndicate 2003.
Currently XL Group president and CEO Greg Hendrick will join the CEO of the new AXA XL combined entity and the executive committee of the AXA Group. Hendrick will report to AXA Group CEO Thomas Buberl.
XL Group’s Chief Executive Officer Mike McGavick will be the AXA XL Vice President and will be the exclusive consultant on integration with Buberl and other strategic issues.
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