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Axa flags Buying XL, which sells insurance to other insurers, would bolster Axa’s casualty-coverage business in the U.S. just as premiums rise after last year’s natural disasters. (Photo: Bloomberg)

(Bloomberg) – Axa SA agreed to buy XL Group Ltd. for $15.3 billion in cash, the biggest-ever European acquisition of a U.S. insurer, sending its shares plunging.

Related: XL chief is trimming hedge fund waters in $38 billion portfolio

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