AXA buys Bermuda-based XL for $15 billion in latest insurance mega-deal


By Sudip Kar-Gupta and Gwenaƫlle BarzicPARIS (Reuters) - France's AXA moved to buy Bermuda-based XL Group for $15.3 billion on Monday to create what it said would be a world leader in property and casualty insurance.

Europe's second-biggest insurer offered $57.60 for each XL share, a 33 percent premium to Friday's closing price, and said buying XL would result in property and casualty insurance rising to half of AXA's earnings, from 39 percent.XL has already agreed to AXA's offer, and AXA, which ranks as Europe's second-biggest insurer in terms.....

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