By Nathan Allen 
 

AXA SA (CS.FR) said Wednesday that it will combine the operations of the recently acquired XL Group Ltd. (XL) with AXA Corporate Solutions and AXA Art to create a new division known as AXA XL.

The new division will incorporate XL's insurance, reinsurance and risk-consulting businesses, AXA said.

AXA agreed in March to buy XL Group for $15.3 billion in a move to cut its exposure to financial markets and refocus its business on insurance products that aren't sensitive to swings in interest rates and stock prices.

The deal is set to close in the second half following the receipt of regulatory approval, AXA said.

 

Write to Nathan Allen at nathan.allen@dowjones.com

 

(END) Dow Jones Newswires

July 11, 2018 03:31 ET (07:31 GMT)

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