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Bermuda-based insurer and reinsurer Axa XL on Tuesday announced plans to cut 711 jobs in Europe as it consolidates the newly combined businesses in France, Italy, Germany and the United Kingdom into one structure.
The cuts, which represent 7.5% of the company’s global staff of 9,500, come just five months after France’s Axa SA completed its $15.3 billion acquisition of Bermuda-based XL Group Ltd.
The company expects to eliminate 275 positions in the U.K., 222 in France, 140 in Germany, 41 in Italy and 33 in other European countries as part of the consolidation plan, an Axa XL spokeswoman confirmed in an email.
The job cuts may include internal redeployments or voluntary departures, depending on local employment requirements or practices, Axa XL said in a statement.
In Europe, Axa XL started to transfer staff into a single company at the beginning of February and to merge certain legal entities, subject to regulatory approvals, the company said in the statement.
This is an “important step” in the integration of Axa Corporate Solutions SA, Axa Matrix Risk Consultants SA, Axa Art Holdings Ltd. and XL Catlin to become a united Axa XL division, the company said.
In November, Axa XL raised its expected synergies from the acquisition to €500 million ($566.3 million) from €400 million.
France’s Axa SA has completed its $15.3 billion acquisition of Bermuda-based XL Group Ltd., Axa said in a statement Wednesday.