AXA announced that it has completed the acquisition of XL Group following the fulfilment of customary closing conditions, including approval by XL Group shareholders and all necessary regulatory approvals.
AXA said that its purchase of XL Group complements and diversifies AXA’s existing commercial lines insurance portfolio, and its reinsurance capabilities give AXA access to enhanced diversification and alternative capital. It also claimed that the combination of AXA’s and XL Group’s existing positions propels the group to the #1 global position in P&C Commercial lines.
“The completion of this transaction marks a significant milestone in our strategic ambition to further improve the balance between technical and financial margin,” said Thomas Buberl, chief executive officer (CEO) of AXA. “This transaction accelerates our transformation, allowing us to deliver enhanced solutions and services to a greater number of clients, and provides opportunities for significant long-term value creation for our stakeholders, with increased risk diversification, strong underwriting discipline, higher cash remittance potential as well as reinforced growth prospects.
“Today, as Greg Hendrick steps up to lead AXA XL as its CEO and joins AXA Group’s management committee, I would like to personally welcome him and all XL Catlin colleagues to the AXA family. With the enthusiasm and shared vision of AXA and XL Catlin teams, extensive preparatory work has already been conducted to ensure a smooth integration of our businesses within the AXA Group.”
“This announcement marks the culmination of a great deal of work and vision,” commented Greg Hendrick, CEO of AXA XL. “We have our sights focused on success and together with AXA, our offering is truly compelling: we have the right geographical footprint, expert teams, and a culture that constantly strives for innovation. And innovate is what we will continue to do, so that we can be the partner of choice for our clients today and well into the future.”
AXA, XL Group, P&C, M&A, Bermuda, North America, Europe, Insurance, Reinsurance, Thomas Buberl, Mike McGavick, Acquisition