XL Group acquired for $15.3B

BY Joe Cooper

The XL building at 100 Constitution Plaza in Hartford.
XL Group, which has a major presence in Hartford and Stamford, has agreed to be acquired by a French multinational insurance firm for $15.3 billion.

The Bermuda-based insurer, operating under the XL Catlin insurance brand, announced Wednesday that its shareholders recently agreed to be acquired by AXA in a full cash exchange.

Under the deal, XL Group shareholders will receive $57.60 per share after the transaction is completed during the second half of this year. The agreement is subject to closing conditions, which includes the receipt of regulatory approvals.

Greg Hendrick, president and chief operating officer of XL Group, will lead the combined companies as CEO and will join AXA Group's management committee, the companies said.

Meanwhile, XL Group CEO Mike McGavick will serve as vice chairman of the combined property and casualty operations and become a special adviser to AXA CEO Thomas Buberl.

"In AXA we have found a like-minded partner committed to innovation and moving our industry forward," McGavick said. "Becoming a part of AXA provides unrivalled opportunity to accelerate our strategy with new strength and dimension."

In March, XL Catlin, a subsidiary of XL Group, renewed its naming rights for downtown Hartford's XL Center for at least five more years.