XL Catlin has announced that they will be taken over by AXA. For a long time Allianz had been traded as a potential buyer. But now it’s going to be different.
According to XL, the merger gives XL the opportunity to continue its strategy with new dimensions and higher strength. The deal is expected to close in the second half of 2018, once shareholder and regulatory approvals have been obtained. The takeover price is expected to be US$ 15.3 billion. XL Catlin and AXA will remain two separate companies until the transaction is completed.
The intention is to merge XL Catlin’s activities with AXA Corporate Solutions in order to bundle AXA’s property and casualty insurance activities. In this new structure, however, the XL Catlin platform will support all complex and specialised non-life insurance products, reinsurance and alternative capital measures.
Greg Hendrick will assume the role of President and COO of XL Group from March 2018. Upon completion of the transaction, he will be a member of the AXA Group Management Committee and will be responsible for the new P&C business, reporting directly to AXA CEO Thomas Burberl.