AXA gets green light for XL takeover
French insurer AXA has received all required regulatory approvals for the acquisition of Bermuda-based XL Group.
In March, AXA revealed plans to acquire property/casualty commercial lines re/insurer XL Group for $15.3 billion (€12.4 billion) in cash.
The acquisition is expected to close on September 12, 2018.
AXA’s business mix will fundamentally change once its acquisition of XL Group is completed. Property/casualty (P&C) business will represent half its book of business as it diversifies away from being mainly a life & savings insurer.
In addition to enhancing its global footprint with access to US and London markets, AXA is adding reinsurance operations to its portfolio through this transaction.
The combination of the businesses will generate cost synergies through rationalization, capital synergies, reinsurance synergies and revenue synergies totalling around $0.4 billion pre-tax per year.
Together, AXA and XL Group expect to become the biggest global P&C commercial lines insurer.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
AIG poaches Bermuda country manager from XL Catlin
MS Amlin strikes cyber reinsurance underwriting partnership
Sirius unveils key promotions, new management committee ahead of merger deal
US commercial insurance prices rise 3% in Q2
Florence becomes category 4 hurricane as it nears US
We made a big bet but Markel-Nephila tie a glimpse of the future: Jed Rhoads
UnipolSai will seek more property-cat coverage
A new reinsurance cycle is emerging: Flandro
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze