AXA XL announced it has successfully merged AXA Corporate Solutions (ACS) and AXA ART into XL Insurance Co. SE (XLICSE).
The merger, which was approved by the relevant regulatory authorities including the Central Bank of Ireland and the Irish High Court, became effective on Dec. 31, 2019. The company first announced the merger of these units in February 2019.
The decision to merge ACS and AXA ART into XLICSE was taken following the acquisition of XL Group Ltd by AXA, which was completed in September 2018.
XLICSE is a wholly owned subsidiary within the AXA XL division of AXA Group, providing insurance within Europe and Asia and operating through an international network of branches, subsidiaries and third-party partners.
On Dec. 31, XLICSE assumed the entire business of ACS and AXA ART and became the insurer or reinsurer of each policy previously underwritten. There will be no other changes to the terms of existing policies.
Commenting on the announcement, AXA XL’s Chief Executive Officer Greg Hendrick said: “We are extremely pleased to have completed this merger. Consolidating our legal entities across AXA XL allows us to streamline our processes to the benefit of our clients and brokers. I am proud of the AXA XL team for their dedication and the work undertaken in the last year, which has led to the successful establishment and unification of AXA XL.”
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