Information on AXA XL Consolidation
This web page provides background and information about the AXA XL division and the merger of key legal entities.
The mergers of AXA Corporate Solutions Assurance and AXA ART Versicherung AG into XL Insurance Company
As a result of AXA’s acquisition of XL Group Ltd on 12 September 2018, and the establishment of the AXA XL Division, the AXA XL Division now has multiple underwriting platforms available to service its EU business. AXA is therefore undertaking a legal entity consolidation under which the entire businesses of AXA Corporate Solutions Assurance, a société anonyme incorporated in and governed by the laws of France (registered number 399 227 354 RCS Paris), ("ACS") and AXA ART Versicherung AG, a stock corporation (Aktiengesellschaft) incorporated in and governed by the laws of Germany, ("AXA ART") will merge into XL Insurance Company, a Societas Europaea registered in Ireland, ("XLICSE"), including their respective branches (the "AXA XL Legal Entity Consolidation").
Implementation of the AXA XL Legal Entity Consolidation
The AXA XL Legal Entity Consolidation is being carried out in three interdependent phases. These phases are driven by the process for obtaining all relevant regulatory and legal approvals:
- Phase 1: Transfer of ACS Hong Kong, Singapore and Australia branches to XLICSE Hong Kong, Singapore and Australia branches (the "Asia Pacific Transfers"). The Asia Pacific Transfers were carried out by way of a local law business transfer. The Asia Pacific Transfers became effective on 1 July 2019 in Hong Kong, 1 August 2019 in Singapore and 1 September 2019 in Australia.
- Phase 2: Transfer of ACS to become a subsidiary of XLICSE. The transfer of ACS to become a subsidiary of XLICSE was carried out by way of a local law business transfer and became effective on 1 October 2019.
- Phase 3: European cross-border mergers of the businesses of ACS and AXA ART into XLICSE (the "Mergers"). The Mergers are subject to the receipt of relevant regulatory approvals and to the approval of the Irish High Court. The applications for final approval of the Mergers have been scheduled to be heard concurrently by the Irish High Court on Tuesday 17 December 2019 at 10.30am at the Four Courts, Inns Quay, Dublin 7, Ireland. It is expected that the Mergers will become effective on 31 December 2019. To meet local law requirements in Jersey, the approval of the Royal Court of Jersey is required to transfer the insurance business effected and/or carried out in Jersey by the ACS and AXA ART UK branches (the "Jersey Scheme"). The intention is for the Jersey transfer to become effective at the same time as the Mergers on 31 December 2019. Further information on the Jersey Scheme can be found in the "Further Information Section".
If you are a policyholder of ACS or AXA ART, you may have a right to cancel your policy as a result of the Mergers. For more information on the cancellation rights, please refer to the link provided in the "Further Information" section below.
The following link provides further information on the Mergers:
If you have any questions about the AXA XL Legal Entity Consolidation, please contact us by email, post or telephone as follows:
Post: Attn: Rhic Webb, General Counsel - Global Corporate
AXA XL, a division of AXA
6th Floor, 20 Gracechurch Street,
London EC3V 0BG. United Kingdom
Telephone: +44 207 933 7438