Canadian acquisition leapfrogs AXA into top 10 position

AXA to be Canada’s 6th largest insurer • Swiss Re funds GE buy • Munich Re protects against storm losses • Aegon issues $500mn in bonds

AXA is to buy Winterthur’s Canadian subsidiary Citadelle in a deal that will boost its market position in Canada’s non-life sector to sixth position from 11th. The French company’s local subsidiary AXA Canada is paying some C$310mn (US$270mn), and AXA is to finance the deal from its own funds.