Published 12 July 2018
AXA and XL Group have revealed future branding of their combined operations after the closing of their $15.3bn merger.
AXA XL will be a new division in the enlarged company and will focus on large property & casualty (P&C) commercial lines and specialty risks.
AXA XL, which will be managed under the master brand AXA, will comprise XL Group operations, AXA Corporate Solutions and AXA Art.
AXA CEO Thomas Buberl said: “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.”
AXA XL offerings will be further identified along three main lines – XL Insurance, XL Reinsurance and XL Risk Consulting.
XL Insurance will be made up of XL Group’s insurance business and AXA Corporate Solutions. It will also include XL Art & Lifestyle, which is the combination of XL Group’s Fine Art and Specie business and AXA Art offerings.
While XL Reinsurance will incorporate the reinsurance business of XL Group, XL Risk Consulting will combine AXA Matrix and XL Group’s Property Risk Engineering GAPS.
Additionally, the firms said that XL Group’s main Lloyd’s syndicate will continue to operate as XL Catlin Syndicate 2003.
XL Group president and chief operating officer Greg Hendrick said: “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.”
It was in March 2018 when AXA had entered into an agreement to acquire the Bermudian insurance and reinsurance firm XL Group in a move to create a global P&C commercial lines insurance platform.
Under the terms of the deal, XL Group shareholders will be paid $57.60 per share by the French multinational insurance firm.
Last month, shareholders of XL Group approved the transaction, which is expected to be closed during the second half of 2018, provided it receives regulatory approvals and meets customary closing conditions.
Image: AXA’s Italian headquarters in Milan. Photo: courtesy of Kokky92/Wikipedia.org.