Part VII planning related to Brexit and the legal merger
Our restructuring plans
As part of the ongoing internal restructuring of the combined AXA XL Division, we intend to transfer the entire businesses of AXA Corporate Solutions Assurance (ACS) and AXA Art Versicherung AG (AXA Art) to XL Insurance Company SE (XLICSE) by way of two European cross-border mergers (the Mergers). ACS, AXA Art and XLICSE are all members of the AXA XL Division and the Mergers will create a larger, single platform to provide even better service for our clients and business partners.
The envisaged Mergers are, inter alia, subject to the approval of the relevant regulatory authorities and courts and the registration with the commercial registers of ACS, AXA Art and XLICSE. The Mergers are expected to become effective on 31 December 2019.
UK Part VII
The Mergers will transfer all of ACS’ and AXA Art's businesses to XLICSE, including ACS’ and AXA Art's UK branch businesses (the UK Branches).
If the UK had left the European Union on 31 October 2019, without a withdrawal agreement having been agreed before the Mergers complete on 31 December 2019, changes to UK legislation would have required the approval of the High Court in London to transfer the business in the UK Branches to XLICSE under the Mergers. This process is known as a "Part VII Transfer".
However, on 29 October 2019, the UK and EU agreed an extension to the Article 50 period (and the anticipated Brexit date) until 31 January 2020 (or sooner if a withdrawal agreement is agreed in the interim). As a result, the approval of the UK High Court in London is not required to transfer the business of the UK Branches to XLICSE under the Mergers and we will not be proceeding with the Part VII Transfer.
If you have any questions about the transfers, 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 (0) 207 933 7438