Pestalozzi advised AXA XL on the cross-border merger of its Swiss insurance carrier in run-off, XL Insurance Switzerland Ltd, into XL Insurance Company SE, headquartered in Dublin, Ireland.
Implemented under the Swiss Federal Act on Private International Law and executed in accordance with a merger agreement, the merger resulted in the transfer of all assets and liabilities of the Swiss entity to XL Insurance Company SE by way of universal succession. Business operations will continue seamlessly through the Zurich branch of the Irish entity, XL Insurance Company SE, Dublin, Zurich Branch, with all existing insurance policies remaining unchanged. Approved by Swiss regulator FINMA and with relevant regulatory notifications made, the transaction marks the first cross-border merger of a Swiss based and regulated insurance carrier into a foreign based and regulated insurer.