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Insurer AXA buys Bermuda-based XL Group for over $15 billion


Insurer AXA buys Bermuda-based XL Group for over $15 billion

New Delhi, Mar 06 (ANI): Europe's second biggest insurer, AXA says it's buying the Bermuda-based XL Group -for over $15 billion. Financing the deal with debt, cash and the proceeds of the IPO of its U.S.

business. The move is one of the latest M and A's in the insurance market.

Last month American International Group said it's buying reinsurer Validus for around $5.6 billion. A sign insurers are trying to strengthen their businesses, in the face of tighter regulation and falling returns.

AXA is offering just over $57 for each XL share -a 33 percent premium to Friday's closing price.

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