AXA XL today announced an important step in its integration of AXA Corporate Solutions, AXA Matrix, AXA Art and XL Catlin, as it advances its journey to become a united AXA XL division.
After the closing of the acquisition last September, several teams have already started working together, and we have seen tangible business wins as a result of going to market with a stronger proposition. In Europe, AXA XL began transferring employees into a single employing company at the beginning of February and, subject to regulatory approvals, commenced plans for merging certain legal entities.
“This is a very important next step for AXA XL in its journey to become a united division. This proposed target operating model and organisational structure will help us to deliver the best services to our customers and provide them with the innovative solutions they need to succeed,” Greg Hendrick, CEO of AXA XL said.
AXA XL now seeks to implement the next phase of integration. Today, a draft plan for the division’s target operating model and organizational structure was presented to employee representatives in countries where formal consultations are applicable. This includes France, Italy, Germany and the UK. In addition to proposing a new target operating model and organisational structure, the plan proposes activities and synergies to support the division’s combined operations. It will be presented further on a country-by-country basis and discussed with social partners over the coming weeks.
Combining what were previously separate teams and activities into one structure means AXA XL will need to redefine its working processes and organization accordingly. The proposed plan sets out the potential reduction of 711 positions in Europe, out of a workforce of 9500 employees globally. Supporting measures will be put in place and may include internal redeployments or voluntary departures, depending on local social requirements or practices.
“Consistent with AXA’s long-term responsible employer strategy, AXA XL is committed to supporting its employees through the change period, and every effort will be made to assist them,” commented Doina Palici-Chehab, Chief Integration Officer of AXA Group.
ABOUT AXA XL
AXA XL1, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com.
1AXA XL is a division of AXA Group providing products and services through four business groups: AXA XL Insurance, AXA XL Reinsurance, AXA XL Art & Lifestyle and AXA XL Risk Consulting. The reorganization project related to the activities of AXA Corporate Solutions, AXA Matrix, AXA Art & Lifestyle and XL Catlin will be subject to legal and labour validations prior to its implementation.