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 intend to transfer 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 cross-border mergers (the "Mergers").
The Mergers are, inter alia, subject to the approval of the relevant regulatory authorities and courts and registration with the relevant commercial registers. Subject to the aforementioned, the Mergers are expected to become effective on 31 December 2019 (the "Effective Date").
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".
Any interested party intending to appear at the hearing of the applications to the Irish High Court in relation to the Mergers should send a notice of their intention to so appear, in writing, to A&L Goodbody Solicitors at 25-28 North Wall Quay, IFSC, Dublin 1, Ireland (Ref: JGG/SPQ) to arrive no later than 5.00pm on Friday 6 December 2019 indicating whether they support or object to the applications and any such interested party who wishes to make submissions at the said hearing or rely on evidence should file an Affidavit setting out those submissions or the evidence on which they propose to rely with the Irish High Court and serve a copy of that Affidavit on A&L Goodbody at the aforementioned address to arrive no later than 5pm on Friday 6 December 2019".
What does this mean for policyholders of the EU businesses of ACS or AXA ART?
ACS, AXA ART and XLICSE are all members of the AXA XL Division. The Mergers will create a larger, single platform unifying the Division.
On the Effective Date, XLICSE will assume the entire businesses of ACS and AXA ART and will become the insurer or reinsurer under each policy previously underwritten by ACS or AXA ART. ACS and AXA ART will cease to exist on the Effective Date. There will be 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 will continue as part of XLICSE.
If you are an existing 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.
If you are 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:
- Cancellation Rights
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