AXA to Buy Winterthur

European financial-services firm AXA (AXA Quote) agreed to buy the insurance provider Winterthur from Credit Suisse Group (CSR Quote) for $9.9 billion.

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%. ...