March 5, 2018 by Staff
AXA announced the deal on Monday morning, saying the transaction is an opportunity for it to change its focus from life and savings to P&C.
“XL Group has the right geographical footprint, world-class teams with recognized expertise and is renowned for innovative client solutions,” Thomas Buberl, AXA CEO, said in a news release. “Our combined P&C commercial lines operations will have a strong position in the large and upper mid-market space, including in specialty lines and reinsurance.”
AXA says its purchase of XL Group aligns with its goals to complement and diversify its existing commercial lines insurance portfolio, and XL’s reinsurance capabilities will allow it to access enhanced diversification and alternative capital.
The deal is expected to offset an expected dilution in earnings resulting from the initial public offering of AXA’s U.S. operations in the first half of 2018.
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This story was originally published by Canadian Insurance Top Broker.