YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
AXA, Europe's second-biggest insurer, agreed to buy XL Group for $15 billion.
AXA's offer for the property and casualty insurance company is said to represent a premium of 33 percent to XL's March 2 closing share price.
"This transaction is a unique strategic opportunity for AXA to shift its business profile from predominantly life and savings business to predominantly property and casualty business, and will enable the group to become the No. 1 global property and casualty commercial lines insurer based on gross written premiums," AXA CEO Thomas Buberl said.
Read more from Reuters.
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