AXA XL is the name of the new Property & Casualty and specialty risk division of AXA. The division reflects the combined resources of XL Insurance, XL Reinsurance, AXA Corporate Solutions, AXA Matrix, and XL Art & Lifestyle. The acquisition, which closed September 12, places the newly combined firm in the #1 global position for P&C lines, according to company reports. Plans for the acquisition were first announced in March, 2018.
Greg Hendrick will become Chief Executive Officer of AXA XL and will join AXA Group’s management committee. Thomas Buberl is the Chief Executive Officer of parent company AXA.
AXA target industries within the insurance sector include: aviation and aerospace, construction design, consumer goods, energy, financial, food and drink, transportation, healthcare and life sciences, industrial materials, IT and telecom, marine, professional liability, public sector education, and real estate.
The AXA Group is a worldwide leader in insurance and asset management, with 160,000 employees serving 105 million clients in 62 countries. In 2017, IFRS revenues amounted to Euro 98.5 billion and IFRS underlying earnings to Euro 6.0 billion. AXA had Euro 1,439 billion in assets under management as of December 31, 2017.
About XL Group
XL Group plc, through its subsidiaries, was 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.
Professional liability products include: employment practices liability (EPLI), financial services, architects and engineers (A&E), pension fiduciary liability, wage and hour liability, cyber insurance, Directors & Officers (D&O), errors & omissions (E&O – lawyers, accountants, public entities, insurance agents, real estate agents), construction, and environmental.
Property and casualty services include: construction, environmental, commercial auto, excess and surplus, life sciences, workers’ compensation, and healthcare. XL Group also offers Motor Cargo Legal Liability coverage.
Earlier this month XL Catlin launched products for the media and entertainment industry. Services are designed to protect against the risks faced by organizers, performers, producers, support trades, as well as film and television productions, and live performances.
What Does the Merger Mean for XL Catlin Panel Counsel Members?
Given the complementary nature of the product lines brought together by AXA and XL Catlin, there may not be much impact on the XL Catlin panel in the near term. Of course, time will tell. Insurance defense law firms that are XL Catlin panel counsel members will want to stay close to their claims contacts to monitor news on the merger and any reorganization plans.
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