Information on AXA XL legal entity consolidation in Europe
This web page provides background and information about changes to the legal structure of the AXA XL Division in the European Union (the "EU").
Our restructuring plans in the EU
On 12 September 2018, AXA completed its acquisition of the XL Group. AXA views the acquisition and integration of the XL Group as a unique strategic opportunity for the AXA Group.
As part of the integration of the combined AXA XL Division, we have transferred the entire businesses of AXA Corporate Solutions Assurance ("ACS") and AXA ART Versicherung AG ("AXA ART") in the EU to XL Insurance Company SE ("XLICSE") by way of two cross-border mergers (the "Mergers").
All required regulatory approvals, as well as the approval of the Irish High Court, have now been received in relation to the Mergers. The Irish High Court ordered that the Mergers become effective on 31 December 2019 (the "Effective Date").
To meet local law requirements in Jersey, the approval of the Royal Court of Jersey was 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 Royal Court of Jersey approved the Jersey Scheme on 11 December 2019 and ordered that the Jersey Scheme 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".
What does this mean for policyholders of the EU businesses of ACS or AXA ART?
ACS, AXA ART and XLICSE were all members of the AXA XL Division. The Mergers will create a larger, single platform unifying the Division.
As of the Effective Date, XLICSE assumed the entire businesses of ACS and AXA ART and became the insurer or reinsurer under each policy previously underwritten by ACS or AXA ART. ACS and AXA ART ceased to exist on the Effective Date. There were no other changes to the terms of our existing policies or the service levels that we provide to our existing policyholders from the Effective Date as our services continue as part of XLICSE.
If you were a policyholder of the EU businesses of ACS or AXA ART, your policy will be continued as usual. You do not need to take any actions in relation to the Mergers.
Former ACS and AXA ART policyholders have also been informed by letter about the Mergers. Depending on the jurisdiction of the risk, some policy holders have cancellation rights, some do not. For more information on this communication, please see below:
Letter to policyholders from ACS who have cancellation rights
Letter to policyholders from ACS who have no cancellation rights
Letter to policyholders from AXA ART who have cancellation rights
Letter to policyholders from AXA ART who have no cancellation rights
If you were an existing 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 following link:
If you have any questions about the Mergers, 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