AXA to Buy Winterthur
Winterthur is active in 17 countries and serves 13 million clients worldwide. The firm is one of the top 10 composite insurers in Europe with a leading position in Switzerland and a strong presence in Germany, Spain, Belgium, the Netherlands, Luxembourg and the U.K.
Paris-based AXA said in a press release Wednesday that life and savings accounts for 62% of Winterthur's insurance revenue, while property and casualty makes up the other 38%.
"This transaction is a unique opportunity to reinforce our leading position in our core European market and to increase our presence in high growth markets, notably in Central and Eastern Europe and in Asia," said Henri de Castries, AXA's chief executive, in a statement.AXA's American depositary shares fell 52 cents to $29.79. Credit Suisse was up $1.56 to $51.63.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV