AXA, a leading insurance firm, completed the acquisition of XL Group, a leading global Property & Casualty commercial lines insurer and reinsurer with strong presence in North America, for $15.3bn. "The completion of this transaction marks a significant milestone in our strategic ambition to further improve the balance between technical and financial margin. This transaction accelerates our transformation, allowing us to deliver enhanced solutions and services to a greater number of clients, and provides opportunities for significant long-term value creation for our stakeholders, with increased risk diversification, strong underwriting discipline, higher cash remittance potential as well as reinforced growth prospects," Thomas Buberl, AXA CEO.