XL Group’s shareholders have approved AXA’s $15.3 billion (£11.4 billion) takeover of the Bermuda-based insurer and reinsurer.
]Under the terms of the transaction, XL Group shareholders will receive $57.60 (£43) per share. The deal is expected to go go through during the second half of 2018 subject to customary closing conditions, including regulatory approval.
XL Group chief executive officer Mike McGavick said: “We are pleased with our shareholders’ vote of confidence in supporting all matters, including the AXA transaction. In AXA we have found a like-minded partner committed to innovation and moving our industry forward.”
“Becoming a part of AXA provides unrivalled opportunity to accelerate our strategy with new strength and dimension. Based on today’s vote, it is clear that our shareholders share this same vision and opportunity for XL Group.”
Upon completion of the transaction, the combined operations of XL Group, AXA Corporate Solutions, which AXA’s large commercial property, casualty and specialty business, and AXA Art will be led by Greg Hendrick.
Hendrick, who is currently president and chief operating officer of XL Group, will be appointed chief executive officer of the combined entity and join AXA Group’s management committee, reporting to group chief executive officer Thomas Buberl.
Following the closing of the transaction, McGavick will become vice chairman of the combined property and casualty commercial lines operations and special adviser to Buberl, to advise on integration-related and other strategic matters.