The XL Catlin brand will continue to hang over the syndicate’s box at Lloyd’s in the wake of Axa’s $15.3bn deal to buy its parent.
In an announcement this morning Axa said that XL Group’s flagship Lloyd’s syndicate 2003 will retain the Catlin brand, which was in turn acquired in a $4.3bn deal in 2015.
Axa will reorganise its large commercial property and casualty businesses, including its Corporate Solutions division, to bring them under a single brand, Axa XL.
Below that headline brand will sit three separate divisions. The first is XL Insurance, which includes XL’s primary business, Axa Corporate Solutions, as well as a roll up of the two firms’ art and specie offerings.
XL Reinsurance will house XL Group’s reinsurance business.
Finally, the acquired firm’s Lloyd’s operations - the largest on Lime Street - will continue to trade as XL Catlin, Axa said.
“Behind this new common branding and naming, I am excited to see the future creation of Axa XL, a division based on Axa’s and XL Group’s shared culture around people, operational excellence, and innovation,” said Axa CEO Thomas Buberl.
“The combination of these attributes will position us perfectly to establish an even stronger brand leadership and bring a unique value proposition to our customers.”
XL president and chief operating officer Greg Hendrick said: “We recognize the opportunity we have ahead to take the unique mix of elements that make XL a success – our talent, our approach, our tools – and bring them into the AXA family.”
“I believe we will be stronger together and will be ambitious.”
The Axa-XL deal is expected to close in the fourth quarter 2018.