Axa XL

Axa XL

Company type	Subsidiary
Industry	Insurance and reinsurance
Founded	1986
Headquarters	Stamford, Connecticut , United States
Area served	Worldwide
Key people	Mike McGavick (former CEO)
Products	Insurance, Reinsurance, Specialty insurance lines
Parent	Axa

Axa XL operates as the American branch of the international insurance and reinsurance corporation Axa, with its headquarters located in Stamford, Connecticut, and legal domicile in Hamilton, Bermuda. The company maintains a presence through more than 100 offices globally.

In 2016, Axa XL reported gross premiums totaling $13.890 billion, allocated as 69% from insurance, 29% from reinsurance, and 2% from other sources. The insurance premiums were divided among professional liability (19%), casualty (32%), the energy sector (25%), and specialty lines such as pollution, aviation, marine, product recall, political risks, equine, and fine art insurance (24%).

History

EXEL Limited was established in 1986 within the Cayman Islands by a consortium of 68 Fortune 500 corporations following the financial turmoil of the early 1980s. That year also saw the incorporation of XL Insurance (Bermuda) Ltd. in Barbados. By 1990, both EXEL and Mid Ocean Limited had relocated their operations to Bermuda. EXEL merged with Mid Ocean in 1998, rebranding as XL Capital Ltd. in 1999.

In 1999, XL Capital founded Syncora (initially Security Capital Assurance), a bond insurance company that went public through an IPO in July 2006. Amid the 2008 financial crisis, XL Capital contributed $2.5 billion to Syncora to facilitate its separation after it ceased underwriting new policies.

Also in 1999, XL Capital expanded by acquiring NAC Re Corp., a U.S.-based insurer and reinsurer, for $1.25 billion, establishing XL America with headquarters in Stamford.

To broaden its property and casualty services for large enterprises, XL Capital purchased Winterthur International from Credit Suisse in 2001 for $600 million. European expansion continued with the acquisition of France’s Le Mans Re in 2003.

Targeting growth within the energy sector, XL inaugurated an office in Houston in 2007. Leadership transitioned in 2008 when Mike McGavick took over as CEO from Brian O’Hara.

On July 1, 2010, XL Capital Ltd. changed its domicile from the Cayman Islands to Ireland and adopted the name XL Group plc.

In April 2015, XL introduced XL Innovate, a venture capital fund concentrating on technological advancements within financial services. The next month marked completion of a $4.1 billion acquisition of Catlin Group, strengthening its specialty insurance offerings.

By July 2016, the company redomiciled once again to Bermuda and resumed the name XL Group Ltd.

Expanding into Australia, XL Catlin acquired Brooklyn Underwriting Pty. Ltd. in September 2016; Brooklyn functions as the trading entity for Catlin Australia Pty Limited with subsequent branch openings in Melbourne and Brisbane.

In response to Brexit developments, XL relocated its European headquarters from the United Kingdom to Dublin in September 2017.

AXA completed its acquisition of XL Group in September 2018 and subsequently rebranded the unit as Axa XL.