French insurer AXA agrees to buy Bermuda-based XL Group for $15 billion

AXA, Europe's second-biggest insurer, has agreed to buy Bermuda-based XL Group for around $15 billion, in a deal which AXA said would create a world leader in property and casualty insurance. The French insurer said it was offering $57.60 for each XL share, representing a premium of 33 percent to XL's closing share price on March 2.

The total consideration for the deal would amount to $15.3 billion. Insurers around the world have started to strike up takeover deals in order to strengthen their businesses as they face tougher.

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