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Bermuda-based insurer and reinsurer XL Group Ltd.'s shareholders have approved its merger plan with France-based Axa S.A., Bernews reported. Under the agreement, XL Group's operations will be merged with France-based property/casualty insurer AXA Corporate Solutions Assurance S.A . and Axa Art Holdings Ltd. Axa will appoint Greg Hendrick, as chief executive of the combined entity. Mr. Hendrick, currently, serves as president of XL Group.