AXA, Europe’s second-biggest insurer, has agreed to buy property in addition to casualty insurance company XL Group for around $15 billion, in a deal which AXA said would likely create a world leader in its particular sector.
AXA said This specific was offering $57.60 for each XL share, representing a premium of 33 percent to XL’s closing share cost on March 2. The total consideration for the deal would likely amount to $15.3 billion.
“This specific transaction is usually a unique strategic opportunity for AXA to shift its business profile by predominantly life in addition to savings business to predominantly property in addition to casualty business, in addition to will enable the Group to become the number one global property in addition to casualty commercial lines insurer based on gross written premiums,” said AXA chief executive Thomas Buberl.
“The transaction offers significant long-term value creation for our stakeholders with increased risk diversification, higher cash remittance potential in addition to reinforced growth prospects. The future AXA will see its profile significantly rebalanced towards insurance risks in addition to away by financial risks,” he added.