AXA ownership will boost XL’s ability to grow its specialty products
XL Group hopes that being owned by AXA will help open up new markets for its specialty products, Gregory Hendrick, XL president, property & casualty, said on a March 5 presentation on the deal.
AXA is acquiring Bermuda-based property/casualty commercial lines re/insurer XL Group for $15.3 billion (€12.4 billion) in cash.
Hendrick said that combining with AXA will offer XL the opportunity to access a whole new set of customers in markets where the insurer previously had no reach.
“XL has a great franchise around what we would call broadly specialty products, professional, environmental and cyber. We see real opportunities to take those products, combine them with the powerhouse that AXA is in the small commercial market space and really sell to a whole new set of customers and distribution that we’ve not had access to before, particularly the smaller brokers in Europe and even in some of the AXA agents,” he said.
He noted that AXA Corporate Solutions has a great franchise here in Europe. “The benefit from our US underwriting expertise that we will bring to the table will only enhance the positions that AXA Corporate Solutions has with their existing customers and really be able to move forward to a lead position,” Hendrick added.
At the same time, AXA will be able to expand its reach in the US. “We have a very good footprint in the US,” Hendrick said. “We are going to be able to leverage the great expertise that AXA has around small and mid-market commercial and hopefully bring it to bear in the US,” he explained.
For more detail as to what was said on the March 5 call, click here.
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