XL Group Becomes AXA XL With Merger Closing

September 11, 2018

As of Sept. 12, XL Group will officially become a part of AXA.

The Paris-based global insurer disclosed on Sept. 11 that it now has all regulatory approvals required to complete its acquisition of XL Group, a deal first announced on March 5, 2018.

AXA planned a Sept. 12 closing of its $15 billion acquisition of the insurer and reinsurer. News that the deal would close followed a June 6 XL Group shareholder vote approving AXA’s plan to buy the company.

AXA has secured financing for the 12.4 billion euros ($15 billion) acquisition and is not dependent on the issuance of any additional debt.

XL Group provides both a specialty platform that will diversify AXA’s existing commercial lines insurance portfolio and reinsurance capabilities that will allow AXA access to alternative capital.

As previously announced, the two insurers have chosen the name of the division that will be formed as a result of the acquisition, a division that will be dedicated to large property/casualty commercial lines and specialty risks. Called AXA XL, the new division of AXA Group will combine XL Group operations, AXA Corporate Solutions and AXA Art and will operate under the master brand of AXA.

The new AXA XL’s offerings will be identified along three main lines:

In addition, XL Group’s primary Lloyd’s syndicate will continue to be known as XL Catlin Syndicate 2003.

Greg Hendrick, currently the president and chief operating officer of XL Group, will be CEO of the new AXA XL combined entity and join AXA Group’s management committee. Hendrick will report to AXA Group Chief Executive Officer Thomas Buberl.

XL Group’s Chief Executive Officer Mike McGavick will become vice chairman of AXA XL and special adviser to Buberl to advise on integration-related and other strategic matters.

Source: AXA/XL Group

*A version of this story ran previously in our sister publication Insurance Journal.