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AXA buying insurer XL Group for $15.3 billion

AXA offices in Paris
Photo by Jack Guez/Getty Images

AXA has agreed to acquire Bermuda-based property and casualty insurer XL Group (NYSE: XL) for around $15.3 billion in cash, or $57.60 per share (33% premium to Friday's closing price).

Why it matters: This is the largest whitecap on what has been a massive wave of consolidation this year in the global insurance sector.