Bermuda-based insurance and reinsurance company XL Group and French insurer AXA have revealed the branding and structure of their future combined operations.
The combined business, which includes XL Group operations, AXA Corporate Solutions and AXA Art, will be known as AXA XL and will operate under the master brand name AXA, subject to successful completion of acquisition.
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The united business will be dedicated to large P&C commercial lines and specialty risks.
AXA XL offerings will be identified along three main lines.
The XL Insurance line will incorporate XL Group’s insurance business and AXA Corporate solutions, and will involve XL Art & Lifestyle – which is the combination of XL Group’s Fine Art and Specie business and AXA Art offerings.
Likewise, the XL Reinsurance line will include XL Group’s reinsurance business, while the XL Risk Consulting line will feature AXA Matrix and XL Group’s Property Risk Engineering GAPS.
AXA stated that XL Group’s primary Lloyd’s syndicate will continue to operate under brand name of XL Catlin Syndicate 2003.
AXA CEO Thomas Buberl 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.”
AXA’s $15.3bn acquisition of XL Group, first announced in March this year, is scheduled to be completed during the second half of 2018.
The deal has been approved by XL Group’s shareholders in June.
