XL Group

AXA XL
Subsidiary of AXA
Industry Insurance
Founded 1986 (1986)
Headquarters Hamilton, Bermuda
Key people
 Eugene M. McQuade, Chairman
Mike McGavick, CEO
Peter R. Porrino, CFO
Revenue Increase $10.546 billion (2016)
Decrease $0.570 billion (2016)
Total assets Decrease $58.434 billion (2016)
Total equity Decrease $12.960 billion (2016)
Number of employees
 7,400
Website https://www.axaxl.com
Footnotes / references
[1]

AXA XL is a subsidiary of global insurance and reinsurance company AXA. It is headquartered in Hamilton, Bermuda, with executive offices in Stamford, Connecticut, United States, and more than 100 offices on 6 continents.

In 2016, the company wrote $13.890 billion in gross premiums, of which 69% was insurance, 29% was reinsurance, and 2% was other. Of the company's gross insurance premiums, 19% was for professional liability insurance, 32% was for casualty insurance, 25% was to the energy sector, and 24% was for specialty insurance such as pollution insurance, aviation and satellite, marine, product recall, political risks, equine, and fine art insurance.[1]

History

EXEL Limited was formed in 1986 in the Cayman Islands by 68 Fortune 500 companies following the financial crisis of the early 1980s. Also in 1986, XL Insurance (Bermuda) Ltd was incorporated in Barbados. In 1990 both EXEL Limited and Mid Ocean Limited changed domicile to Bermuda. In 1998, EXEL Limited merged with Mid Ocean Limited,[1] and in 1999, EXEL Limited changed its name to XL Capital Ltd.

In 1999, XL Capital Ltd founded Syncora, formerly known as Security Capital Assurance, a provider of bond insurance. Syncora became a public company via a corporate spin-off and initial public offering in July 2006.[2] In 2008, during the financial crisis of 2007-2008, to sever ties with Syncora, the company injected $2.5 billion into Syncora, which had stopped writing new business.[3][1]

In June 1999, Bermuda-based XL Capital Ltd acquired the NAC Re Corp, a United States insurance and reinsurance company, for $1.25 billion, including $200 million in NAC Re debt.[4][1]

In February 2001, the company acquired Winterthur International, an international property and casualty insurance unit that serves large businesses, from Credit Suisse for $600 million.[5][1]

In September 2003, the company acquired Le Mans Re, an insurer based in France.[1]

In June 2007, the company opened an office in Houston, Texas to focus on the energy sector.[6]

In March 2008, Mike McGavick was named chief executive officer of the company succeeding Brian O’Hara.[7]

In July 2010, XL Group plc (formerly XL Capital Ltd) changed its name to XL Group Ltd, and moved its domicile from the Cayman Islands to Ireland.[8] In July 2016, the company moved its domicile from Ireland to Bermuda.[9]

In April 2015, the company introduced a new venture capital fund called XL Innovate for technology products in the financial services sector.[10]

In May 2015, the company acquired Catlin Group for $4.1 billion in cash and stock.[11][12]

In September 2016, XL Catlin acquired Brooklyn Underwriting Pty Ltd, an Australian Sydney-based underwriter.[13][14] Brooklyn became the trading name in Australia of Catlin Australia Pty Limited. In July 2017, Brooklyn opened branches in Melbourne and Brisbane, and moved its Sydney headquarters into XL Catlin Sydney offices.[15]

In September 2017, the company moved its European headquarters from the United Kingdom to Dublin as a result of Brexit.[16]

In September 2018, AXA acquired XL Group and renamed the division AXA XL.[17][18]

References

  1. 1 2 3 4 5 6 7 "XL Group Ltd 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "Security Capital Assurance is Featured IPO". Marketwatch. 31 July 2006.
  3. ↑ Wilchins, Dan (28 July 2008). "XL to recapitalize its former bond insurance unit". Reuters.
  4. ↑ TREASTER, JOSEPH B. (17 February 1999). "Big Bermuda Insurer Acquiring U.S. Reinsurer". The New York Times. (subscription required)
  5. ↑ "CREDIT SUISSE SELLS UNIT". The New York Times. Bloomberg News. 17 February 2001. (subscription required)
  6. ↑ "XL Insurance opens Houston office". American City Business Journals. 21 June 2007.
  7. ↑ "Ex-Safeco CEO McGavick to run XL Capital". American City Business Journals. 17 March 2008.
  8. ↑ Witkowski, Wallace (30 April 2010). "XL Capital to change name, place of incorporation". Marketwatch.
  9. ↑ "XL Group Completes Redomestication To Bermuda" (Press release). PRNewswire. 25 July 2016.
  10. ↑ "XL Group Creates New Venture Capital Initiative: XL Innovate" (Press release). PRNewswire. 1 April 2015.
  11. ↑ "XL Group plc Announces Completion of Catlin Group Limited Acquisition" (Press release). PRNewswire. 1 May 2015.
  12. ↑ "XL Group Plc Announces Acquisition of Catlin Group Limited" (Press release). PRNewswire. 9 January 2015.
  13. ↑ "XL Catlin to Acquire Leading Australian Specialty Insurance Underwriting Agency Brooklyn" (Press release). PRNewswire. 15 September 2016.
  14. ↑ "XL Catlin Completes Acquisition of Brooklyn Underwriting Agency in Australia" (Press release). 4 October 2016.
  15. ↑ Lynn, Jordan (27 July 2017). "Brooklyn Underwriting announces expansion to Melbourne, Brisbane". Insurance Business Australia.
  16. ↑ Hilliard, Mark (19 September 2017). "Brexit prompts XL Group to move European base to Dublin". Irish Times.
  17. ↑ "AXA and XL Group announce future branding of their combined operations" (Press release). AXA. 11 July 2018.
  18. ↑ "AXA announces regulatory approvals for the acquisition of XL Group have been obtained" (Press release). AXA. 10 September 2018.

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