French insurer AXA announced on Monday the acquisition of XL Group, a Bermuda-based insurer, for approximately $15.3 billion or €12.4 billion.
Leading Position
AXA emphasizes that the purchase of this property and casualty insurer will enable them to take a leading position globally in the property and casualty insurance business.
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The completion of the cash transaction, agreed upon by the management of both companies, is expected in the second half of this year, AXA stated in a press release. The purchase price of $57.60 per share represents a premium of 33 percent over XL Group’s share price at market close on Friday.
– The combination of AXA’s existing positions and XL Group will propel the French group to a position of global leader in property and casualty insurance, with combined revenues according to 2016 data of €30 billion and total revenues from property and casualty insurance of €48 billion, AXA announced.
