Axa to buy XL for $15bn
Deal subject to shareholder approval and expected to complete in the second half of 2018.
Axa has signed up to buy 100% of XL Group for $15.3bn in cash (£11.1bn). Market rumours had previously linked XL with Allianz.
The deal has been approved by the boards of both insurers but will need to be agreed by shareholders.
XL was formed in 1986 and bought Catlin in 2015. The group had $15bn of gross written premium (GWP) in 2017 and 7,400 employees.
The combination of Axa and XL would, on 2016 figures, have property and casualty (P&C) lines revenue of €48bn.
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