French insurance giant Axa has completed its $15.3 billion acquisition of XL Group, a deal that was announced in March.
As a consequence XL’s shares were delisted from the New York Stock Exchange and the Bermuda Stock Exchange before the start of trading today.
The combination of Axa’s and XL Group’s existing positions is said to have moved the group to the top global position in P&C Commercial lines.
Thomas Buberl, chief executive officer of Axa, said: “The completion of this transaction marks a significant milestone in our strategic ambition to further improve the balance between technical and financial margin.
“This transaction accelerates our transformation, allowing us to deliver enhanced solutions and services to a greater number of clients, and provides opportunities for significant long-term value creation for our stakeholders, with increased risk diversification, strong underwriting discipline, higher cash remittance potential as well as reinforced growth prospects.
“Today, as Greg Hendrick steps up to lead Axa XL as its CEO and joins Axa Group’s management committee, I personally welcome him and all XL Catlin colleagues to the Axa family. With the enthusiasm and shared vision of Axa and XL Catlin teams, extensive preparatory work has already been conducted to ensure a smooth integration of our businesses within the Axa Group.”
Greg Hendrick said: “This announcement marks the culmination of a great deal of work and vision. We have our sights focused on success and together with Axa, our offering is truly compelling: we have the right geographical footprint, expert teams, and a culture that constantly strives for innovation. And innovate is what we will continue to do, so that we can be the partner of choice for our clients today and well into the future.”
XL Group has also announced its intention to voluntarily delist its outstanding debt securities from the New York Stock Exchange. The series of securities being delisted are: 2.3 per cent senior notes due 2018; 5.75 per cent senior notes due 2021; 4.45 per cent subordinated notes due 2025; 5.25 per cent senior notes due 2043; 5.5 per cent subordinated notes due 2045; and the fixed to floating rate subordinated notes due 2047.