XL Catlin’s operations will become part of new division of French insurance giant Axa, to be named Axa XL.
Details of the rebranding and operational combination of the two companies comes after the announcement of Axa’s $15.3 billion acquisition of Bermudian-based XL Group four months ago.
Axa XL, which will be dedicated to large property and casualty commercial lines will operate under three main lines, Axa said in a statement today:
• XL Insurance, which will comprise XL’s insurance business and Axa Corporate Solutions; and will include XL Art and Lifestyle, the combination of XL’s Fine Art and Specie business and Axa Art offerings.
• XL Reinsurance, which will incorporate XL Group’s reinsurance business.
• XL Risk Consulting, which will incorporate Axa Matrix and XL Group’s Property Risk Engineering GAPS.
In addition, XL Group’s primary Lloyd’s syndicate will continue to be known as XL Catlin Syndicate 2003.
Thomas Buberl, chief executive officer of Axa, said: “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, said: “We recognise 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.”
Last month XL shareholders approved the sale of the company to Axa. The deal is expected to close in the second half of this year, subject to conditions, including regulatory approvals, which remain pending.
Until the acquisition closes, XL and Axa remain two separate companies.