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  • Axa's $15.3bn acquisition of XL Group will create the world's largest commercial P&C insurer with EUR30.2bn ($37.2bn) in gross written premium, according to management from the two firms.
  • Chubb has appointed Scott Simpson as its new country president for its general insurance business in Singapore.
  • Shares in French insurer Axa dropped 9.7 percent today on news of its $15.3bn agreement to take over XL Group.
  • Theresa May's Brexit speech on Friday artfully delivered something for everyone. She also laid down a marker that the UK will aim for regulation that produces the same outcome as EU rules without replicating them.
  • Just over a year ago, then just-arrived Axa CEO Thomas Buberl signalled that big-ticket M&A was not on the agenda.
  • Axa has agreed to pay $15.3bn for XL Group to shift its balance of business from life and savings to property and casualty.
  • Brown & Brown has acquired Kerxton Insurance in Virginia, adding an agency group that includes Fitness Underwriters and has annual revenue of about $5mn a year.
  • Expansive program underwriting and distribution platform K2 Insurance Services has bought Rockhill’s general liability and gas and propane distribution lines of business, including its subsidiary Partners General Insurance Agency.
  • AmTrust’s critical A rating remains unchanged following the latest developments involving the carrier’s plan to go private and the sale of its fee business to Madison Dearborn, AM Best said today, but the rating agency raised the pressure on management to file its annual financial report by 16 March.
  • Maiden Holdings’ Bermuda and US operating subsidiaries had their financial strength ratings downgraded to A- from A by AM Best today in response to adverse reserve development on its AmTrust business and deteriorating balance sheet strength.