HAMILTON, Bermuda, June 6, 2018 /PRNewswire/ -- XL Group Ltd
("XL Group" or the "Company") (NYSE: XL) announced today that its
common shareholders have approved an agreement for AXA to acquire
100% of XL Group.
Total consideration for the planned acquisition would amount to
approximately USD 15.3 billion, to be
fully paid in cash. Under the terms of the transaction, XL Group
shareholders will receive USD 57.60
per share. The transaction is expected to be completed during the
second half of 2018 subject to customary closing conditions,
including the receipt of required regulatory approvals.
XL Group's Chief Executive Officer, Mike
McGavick, said: "We are pleased with our shareholders' vote
of confidence in supporting all matters, including the AXA
transaction. In AXA we have found a like-minded partner committed
to innovation and moving our industry forward. Becoming a part of
AXA provides unrivalled opportunity to accelerate our strategy with
new strength and dimension. Based on today's vote, it is clear that
our shareholders share this same vision and opportunity for XL
Group."
Upon completion of the transaction, the combined operations of
XL Group, AXA Corporate Solutions (AXA's large commercial P&C
and specialty business) and AXA Art will be led by Greg Hendrick, currently the President and Chief
Operating Officer of XL Group, who will be appointed CEO of the
combined entity and join AXA Group's management committee,
reporting to AXA Group Chief Executive Officer Thomas Buberl. Following the closing of
the transaction, Mr. McGavick will become Vice-Chairman of the
combined P&C Commercial lines operations and special adviser to
Mr. Buberl to advise on integration-related and other strategic
matters.
XL Group provides both a premier specialty platform
complementing and diversifying AXA's existing commercial lines
insurance portfolio, and reinsurance capabilities that will allow
AXA an access to enhanced diversification and alternative
capital.
About XL Group Ltd
XL Group Ltd (NYSE:XL), through its subsidiaries and under the
XL Catlin brand, is a global insurance and reinsurance company
providing property, casualty and specialty products to industrial,
commercial and professional firms, insurance companies and other
enterprises throughout the world. Clients look to XL Catlin
for answers to their most complex risks and to help move their
world forward. To learn more, visit www.xlgroup.com.
Contact:
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Giovanni
Astolfi
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Carol Parker
Trott
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Investor
Relations
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Media
Relations
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(203)
674-6973
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(441)
294-7290
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SOURCE XL Group Ltd