Global re/insurer AXA XL has merged its AXA Corporate Solutions (ACS) and AXA ART units into XL Insurance Company SE (XLICSE), effective from December 31, 2019.
The decision to merge these subsidiaries in XLICSE was taken following the acquisition of XL Group by AXA in September 2018.
Now, the merger has gone ahead after being approved by the relevant regulatory authorities, including the Central Bank of Ireland and the Irish High Court.
XLICSE is a wholly owned subsidiary within the AXA XL division of AXA Group, providing insurance within Europe and Asia and operating through an international network of branches, subsidiaries and third-party partners.
On December 31st, XLICSE assumed the entire business of ACS and AXA ART and became the insurer or reinsurer of each policy previously underwritten.
AXA XL noted that there will be no other changes to the terms of existing policies.
“We are extremely pleased to have completed this merger,” said Greg Hendrick, Chief Executive Officer at AXA XL.
“Consolidating our legal entities across AXA XL allows us to streamline our processes to the benefit of our clients and brokers,” he continued.
“I am proud of the AXA XL team for their dedication and the work undertaken in the last year, which has led to the successful establishment and unification of AXA XL.”