French insurer AXA goes large with XL Group purchase

AFP, PARIS: French insurer AXA snapped up Bermuda-based XL Group yesterday in a move it says will make it the leading provider of property and casualty coverage for businesses.

The deal, for about $15.3 billion (12.4 billion euros) in cash, will "create a new AXA", CEO Thomas Buberl told reporters.

The deal has been agreed by the boards of both companies and is expected to be completed in the second half of this year, AXA said in a statement.

It will see AXA speeding up its refocus away from the US market as it aims to shift towards more robust settings "less sensitive to financial markets", it said.

Branding it "a major leap forwards in AXA's strategic journey", the French company said the acquisition offered "significant long-term value creation for our stakeholders with increased risk diversification, higher cash remittance potential and reinforced growth prospects".

 

French insurer AXA goes large with XL Group purchase

AFP, PARIS: French insurer AXA snapped up Bermuda-based XL Group yesterday in a move it says will make it the leading provider of property and casualty coverage for businesses. The deal, for about $15.3 billion (12.4 billion euros) in cash, will create a new AXA, CEO Thomas Buberl told reporters. The deal has been agreed by the boards of both companies and is expected to be completed in the second half of this year, AXA said in a statement. It will see AXA speeding up its refocus away from the US market as it aims to shift towards more robust settings less sensitive to financial markets, it said. Branding it a major leap forwards in AXAs strategic journey, the French company said the acquisition offered significant long-term value creation for our stakeholders with increased risk diversification, higher cash remittance potential and reinforced growth prospects.