XL Group is moments away from officially becoming a wholly-owned subsidiary of AXA.
Pending the satisfaction of the remaining customary closing conditions, the US$15.3 billion insurance mega merger is expected to close today (September 12) with AXA having received all the regulatory approvals it needs to complete the proposed swoop.
“Assuming the closing is completed prior to the close of trading of XL Group’s common shares on the New York Stock Exchange on September 14, 2018, XL Group’s previously announced quarterly dividend, payable to holders of record of XL Group’s common shares as of September 14, 2018, will not be paid to shareholders who hold XL Group’s common shares prior to the closing,” noted AXA when it announced the green light from regulators.
Touted to create the number one global property and casualty commercial lines insurer, the imminent union rocked the market in March. Meanwhile future branding was unveiled in July.
“Upon closing of the acquisition of the XL Group, AXA XL will combine our P&C commercial lines and specialty risks into a new entity of the AXA Group,” said AXA chief executive Thomas Buberl two months ago. “This new entity will operate under the master brand AXA, and its offerings will be identified along four main lines: XL Insurance, XL Reinsurance, XL Art & Lifestyle, and XL Risk Consulting.
“It will position us perfectly to establish an even stronger brand leadership in the future.”