Axa Reportedly In Advanced Talks To Buy U.S. Insurer XL Group

(RTTNews) - Axa SA (AXAHY.PK) was in advanced talks to buy XL Group Ltd., a property and casualty insurer with a market value of $11 billion, Bloomberg reported citing people familiar with the matter.

A deal could be announced in coming days, the report said. XL has also attracted interest from insurers including Germany's Allianz SE, Bloomberg reported last month. A final deal hasn't been reached and another bidder may yet emerge or talks may fall apart, the report said.

The Paris-based insurer plans to list a minority stake in its U.S. businesses, including its Life & Savings unit and its 64 percent stake in AllianceBernstein, in the first half of this year. Proceeds from the initial public offering will be used to fund acquisitions or returned to shareholders.