Honestly, if you try to look up the XL Group of companies right now, you’re probably going to get a bit confused. Is it a Bermudian insurance titan? An engineering firm in Aberdeen? Or maybe that massive telecom provider in Indonesia?
The truth is, "XL" is one of those brand names that’s been slapped onto a dozen different entities over the last thirty years. But for most people in the business world, the "XL Group" refers to the global insurance powerhouse that AXA swallowed whole back in 2018 for a cool $15.3 billion.
It was a massive deal.
But here is the thing—even though the stock ticker is gone, the DNA of the original XL Group is still very much alive inside what we now call AXA XL. If you’re trying to figure out who they are today or where they came from, you’ve got to peel back a few layers of corporate history that are actually kind of fascinating.
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The XL Group That Changed the Insurance Game
Back in 1986, the insurance market was a total mess. Companies couldn't find liability coverage for love or money. In response, a group of 68 Fortune 500 companies got together and basically said, "Fine, we'll do it ourselves." They formed EXEL Limited in Bermuda.
That was the seed.
By the time it rebranded to XL Capital (and later XL Group), it wasn't just a small club anymore. It had become a beast. They were covering everything from satellite launches to fine art. If it was big, expensive, and risky, XL was probably involved.
The 2018 Pivot: Why AXA Paid a 33% Premium
When AXA announced they were buying XL Group in March 2018, the industry collectively gasped. Why? Because AXA was already huge. But AXA was mostly known for life insurance and savings. They wanted to be the #1 commercial insurer in the world.
Buying XL was the shortcut.
It wasn't just about the money; it was about the "specialty" lines. XL brought in high-level expertise in:
- Professional Liability: Covering CEOs when things go sideways.
- Environmental Insurance: Dealing with the messy stuff like pollution.
- Reinsurance: Essentially, insurance for other insurance companies.
Thomas Buberl, AXA's CEO, was pretty blunt about it. He wanted to shift the group away from financial market risks and toward "insurance risks." Basically, he’d rather bet on a hurricane than a stock market crash.
Wait, Is There Another XL Group?
This is where it gets a little tricky for people searching online today. If you aren't looking for insurance, you might be looking for the XL Global Group.
They are a completely different animal based in Aberdeen, Scotland. While the insurance XL was dealing with paperwork and risk models, the Aberdeen XL was (and is) dealing with hardware and engineering.
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The Engineering "XL"
Founded by Colin Laird in 1992, this group is a collection of about ten different companies. They do the "dirty work" of the industrial world:
- Process control for oil and gas.
- Telecommunications for offshore rigs.
- Lifting systems and commercial vehicle tech.
It’s a classic case of brand overlap. One is a financial services giant (now part of AXA); the other is a multi-discipline engineering firm. If you’re looking for a job or a partner, make sure you know which one you’re talking to.
What Happened After the AXA Merger?
Fast forward to 2026. The integration is basically done, but it wasn't just a "change the logo" kind of deal. AXA took XL Group and mashed it together with AXA Corporate Solutions and AXA Art.
The result was AXA XL.
The 2025 Restructure
Just last year, in mid-2025, AXA doubled down on this. They started merging their "ceded reinsurance" units. This basically means they are streamlining how they buy their own insurance. Guy Van Hecke was tapped to lead this unified team.
It’s all about efficiency. They’re trying to stop "duplication"—which is corporate speak for having two people doing the same job. By 2026, the "XL" part of the name has become synonymous with the "Global Risk" arm of AXA.
The "Other" XLs: Telecom and Logistics
Just to make your life even more complicated, there are two other big players using the name:
- XLSmart (formerly XL Axiata): If you are in Indonesia, XL is a telecom company. They recently merged with Smartfren in a $6.5 billion deal (completed in 2025) to become PT XLSmart Telecom Sejahtera.
- Excel Group of Companies: Based in Chennai, India. These guys handle shipping, logistics, and maritime services.
Why Does This Brand Still Matter?
You might wonder why AXA kept the "XL" letters at all. Why not just call it AXA Commercial?
It’s about the "street cred." In the world of complex insurance—we’re talking about insuring a $500 million bridge or a fleet of tankers—the XL name carries weight. Brokers trust the "XL" underwriters. They know the history of Brian O’Hara and Mike McGavick (the former CEOs).
Getting rid of the XL name would have been like a car company buying Porsche and renaming it "Fast Car Brand." You’d lose the heritage.
Actionable Insights for 2026
If you're interacting with any "XL Group" today, here is the playbook:
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- For Insurance Needs: You are looking for AXA XL. Don't look for a standalone XL Group website; it's all under the AXA umbrella now. They are the ones to talk to if you're running a mid-to-large size business.
- For Engineering/Industrial Solutions: Look for XL Global Group (the UK-based one). They’re the ones doing the automation and safety systems.
- Verify the Region: Always check if the company is based in Bermuda/France (Insurance), Scotland (Engineering), or Indonesia (Telecom). The names are too similar to guess.
- Check the Rating: If you’re looking at the insurance side, check their A.M. Best or S&P ratings. Since the merger, they benefit from the massive balance sheet of the AXA Group, which usually means higher security for policyholders.
Essentially, the XL Group of companies isn't one thing anymore. It's a legacy. Whether it's a safety valve on a North Sea oil rig or a multi-million dollar liability policy for a tech startup, the "XL" tag usually points to something high-stakes. Just make sure you've dialed the right number.