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'AXA XL' to Debut When AXA Group Completes $15.3B XL Group Buy.

'AXA XL' to Debut When AXA Group Completes $15.3B XL Group Buy

AXA XL is the new name of the division AXA Group will create with its (https://www.carriermanagement.com/news/2018/03/07/176386.htm) planned $15.3 billion cash acquisition of XL Group, a deal expected to close sometime in the 2018 second half.

The name covers a division that will be dedicated to large property/casualty commercial lines and specialty risks. AXA XL 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 (https://www.carriermanagement.com/news/2018/06/07/180251.htm) approved the agreement for AXA to acquire 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.

"I believe we will be stronger together and will be ambitious," he added.

Source: AXA

*A version of this story appeared previously in our sister publication Insurance Journal.

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Publication:Carrier Management
Date:Jul 12, 2018
Words:506
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