Covéa approach unlikely to result in immediate Axa XL Re deal
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Covéa approach unlikely to result in immediate Axa XL Re deal

Adam McNestrie, 
Rachel Dalton
23 July 2021
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Covéa's preliminary approach to acquire Axa's reinsurance business has a low likelihood of leading to a deal this summer, further frustrating the French mutual’s efforts to secure the reinsurance platform it has long coveted, sources have said.

One of the preconditions for an executable deal is a massive corporate reorganisation to effectively transform Axa XL Re from a segment into an entity that could be sold.

Axa

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Topics

News M&A Axa XL UK and Europe
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Adam McNestrie
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Rachel Dalton
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