Following the announcement of the acquisition of XL Group Ltd by AXA SA on March 5th, the two companies today present a new step in the planning process for combining XL Group operations, AXA Corporate Solutions and AXA Art into the new division of the AXA Group dedicated to large P&C commercial lines and specialty risks following closing of the acquisition.
This new division will be named AXA XL and will operate under the master brand AXA. Its offerings will be identified along three main lines:
- XL Insurance - which will comprise XL Group’s insurance business and AXA Corporate Solutions; and will include XL Art & Lifestyle, the combination of XL Group’s Fine Art and Specie business and AXA Art offerings;
- XL Reinsurance - that will incorporate XL Group’s reinsurance business;
- XL Risk Consulting - that 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.
Under the AXA brand, the new offerings will present an exciting new proposition to clients and brokers around the world.
"We are very pleased to announce another important milestone in the integration planning process with XL Group, which will see AXA become the #1 global P&C commercial lines insurer. 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
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. I believe we will be stronger together and will be ambitious. We are going to continue to put our clients and brokers at the heart of what we do, while staying firmly focused on the future of risk and the solutions needed to advance."
This new branding and naming follows the announcement on June 6th that XL Group’s shareholders had approved the agreement for AXA to acquire 100% of XL Group. The closing of the acquisition is expected to be completed during the second half of 2018, subject to customary closing conditions, including the receipt of required regulatory approvals, which remain pending. Until the acquisition closes, XL Group and AXA remain two separate companies.