AXA and XL Group have revealed the branding and structure of their future combined operations, to be known as AXA XL, following AXA’s acquisition of XL Group for $15.3 billion in March 2018.
Once the acquisition is completed, the new AXA XL division will operate under the master brand of AXA, and will be dedicated to large P&C commercial lines and specialty risks.
It will combine XL Group operations with AXA Corporate Solutions and AXA Art, and its offerings are to be identified along three main lines.
The XL Insurance line 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.
Similarly, the XL Reinsurance line will incorporate XL Group’s reinsurance business, while the XL Risk Consulting line will incorporate AXA Matrix and XL Group’s Property Risk Engineering GAPS.
Additionally, AXA said that XL Group’s primary Lloyd’s syndicate will continue to be known as XL Catlin Syndicate 2003.
Thomas Buberl, Chief Executive Officer (CEO) of AXA, commented: “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.”
Greg Hendrick, President and Chief Operating Officer of XL Group, added: “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.”
AXA’s acquisition of XL Group is expected to be completed during the second half of 2018, having been recently approved by XL Group’s shareholders in June.
The closing of the transaction remains subject to customary regulatory conditions, and in the meantime AXA and XL Group remain two separate companies.