AXA to Fold XL Operations Into New Division
July 11 2018 - 3:46AM
Dow Jones News
By Nathan Allen
AXA SA (CS.FR) said Wednesday that it will combine the
operations of the recently acquired XL Group Ltd. (XL) with AXA
Corporate Solutions and AXA Art to create a new division known as
AXA XL.
The new division will incorporate XL's insurance, reinsurance
and risk-consulting businesses, AXA said.
AXA agreed in March to buy XL Group for $15.3 billion in a move
to cut its exposure to financial markets and refocus its business
on insurance products that aren't sensitive to swings in interest
rates and stock prices.
The deal is set to close in the second half following the
receipt of regulatory approval, AXA said.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
July 11, 2018 03:31 ET (07:31 GMT)
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