Insurance giant Axa taking over Bermuda firm XL in £11bn deal
Insurance giant Axa is to splash out $15.3bn (£11bn) on acquiring Bermuda-based XL Group, which specialises in property and casualty claims.
The combination will create the biggest property and casualty commercial lines insurer based on gross written premiums, with total revenues of €48bn (£42.8bn), Axa said. XL has a strong presence in North America, Europe, Lloyd's and Asia-Pacific and generated $15bn of gross written premiums last year.
Axa chief executive Thomas Buberl said: "This transaction is a unique strategic opportunity for AXA to shift its business profile from predominantly life and savings business to predominantly property and casualty business."
XL chief executive Mike McGavick said the deal "marks an unrivalled opportunity to accelerate our strategy with a new strength and dimension".
"With every confidence in how we have positioned XL Group for the future, it is a substantial testament to AXA's leadership and commitment to maintaining the XL Group brand and culture that we have come to an alignment."