Following the completion of the acquisition of XL Group by AXA SA – expected in the second half of 2018 – the two insurers have chosen the name of the division that will be dedicated to large property/casualty commercial lines and specialty risks.
French insurer AXA acquired Bermuda-based property/casualty commercial lines re/insurer XL Group for $15.3 billion (€12.4 billion) in cash.
The AXA XL offerings will include XL Insurance, XL Reinsurance, XL Art & Lifestyle, and XL Risk Consulting.
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.
This branding of AXA XL follows the announcement on June 6 that XL Group’s shareholders approved the agreement for AXA to acquire 100 percent of XL Group. Until the acquisition closes in the second half, XL Group and AXA remain two separate companies.
The new division’s offerings will be identified along three main lines:
XL Insurance will comprise XL Group’s insurance business and AXA Corporate Solutions. It also will include XL Art & Lifestyle, the combination of XL Group’s Fine Art and Specie business, and AXA Art offerings;XL Reinsurance will incorporate XL Group’s reinsurance business;
XL Risk Consulting will incorporate AXA Matrix and XL Group’s Property Risk Engineering GAPS.
In addition, XL Group’s primary Lloyd’s syndicate will continue to be known as XL Catlin Syndicate 2003.
Thomas Buberl, CEO of AXA, said the branding of the new division marks “another important milestone in the integration planning process with XL Group….”
“Behind this new common branding and naming, I am excited to see the future creation of AXA XL, a division based on AXA’s and XL Group’s shared culture around people, operational excellence and innovation. The combination of these attributes will position us perfectly to establish an even stronger brand leadership and bring a unique value proposition to our customers,” added Buberl.
“We recognize the opportunity we have ahead to take the unique mix of elements that make XL a success – our talent, our approach, our tools – and bring them into the AXA family,” commented commented Greg Hendrick, currently president and chief operating officer of XL Group. He is expected to become CEO of AXA XL and a member of AXA Group’s Management Committee upon the closing.