AXA to acquire XL Group for $15.3 billion

AXA has entered into an agreement to acquire 100% of XL Group, a leading global property and casualty (P&C) commercial lines insurer and reinsurer, for $15.3 billion.

According to the release, the merger agreement has been unanimously approved by both AXA and XL Group boards.

The acquisition has been funded by AXA’s planned U.S. initial public offering, and subsequent transactions and allows AXA to create the leading global P&C commercial lines player across all business lines, the release said.

As part of the transaction, XL Group shareholders will receive $57.60 per share, a premium of 33% to XL Group closing share price on March 2, 2018.

Thomas Buberl, Chief Executive Officer of AXA, said: “This transaction is a unique strategic opportunity for AXA to shift its business profile from predominantly L&S business to predominantly P&C business, and will enable the Group to become the number 1 global P&C Commercial lines insurer based on gross written premiums.”

Mike McGavick, CEO of XL Group, said: “Today marks an unrivalled opportunity to accelerate our strategy with a new strength and dimension.”

RMS appoints new CEO
Catastrophe risk modeling and analytics firm, RMS, has appointed Karen White as its new Chief Executive Officer, replacing current CEO and co-founder Hemant Shah.

Ms. White brings with her more than 25 years’ experience in the industry as an executive and an investor.

She began her career as Senior Executive at Oracle and most recently she held senior executive positions at SolarWinds, Syncplicity and Addepar.

Paul Zwillenberg, CEO of RMS parent company DMGT, said: “This is the perfect time to appoint Karen White, a highly-respected and seasoned Silicon Valley executive, as the Chief Executive Officer of RMS.”

He added: “I would also like to thank Hemant Shah, a pioneer in the industry, for his vision and dedication, growing RMS into a global leader since co-founding the company nearly 30 years ago.”

Final loss estimate for extratropical cyclone Zeus at $335.6 million: PERILS
PERILS has reported its fourth and final loss estimate for extratropical cyclone Zeus which affected France on March 6 and 7, 2017, of €272 million ($335.6 million).

PERILS, which provides industry-wide insured loss estimates, said this compares to its third loss estimate of €284 million ($350.4 million), which was issued on September 6, 2017.

The market data in the final loss report is available by CRESTA zone and property line of business.

In line with the PERILS loss reporting schedule, the fourth and final loss estimate has been issued 12 months after the event.

Sompo launches European specialty insurance operation
Sompo International has announced plans to launch a new European specialty insurance underwriting operation.

The new unit will be led by Thomas Mannsdorfer as Executive Vice-President and will initially focus on management liability, professional indemnity and financial institutions lines of business.

Mr. Mannsdorfer joined the company from ANV Global Services, where he most recently served as Chief Underwriting Officer, International.

Working alongside Mr. Mannsdorfer in the new unit is Mathieu Borneuf, who has been appointed Senior VP.

Mr. Borneuf most recently served as Head of Management and Professional Liability for Continental Europe as well as Paris Branch Manager at Navigators.

Graham Evans, Chief Executive Officer of London Market Insurance, said: “We are excited to build out our underwriting capabilities in Continental Europe under Thomas and Mathieu and plan to introduce several additional professional lines products and underwriters to the new operation over the next few months.”

Jack Kuhn, CEO of Global Insurance, said: “Europe is a key area of growth for Sompo International and we continue to build a strategic presence on the continent.”