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Report: Axa in 'advanced talks' to acquire XL Group

France-based insurer Axa is in "advanced talks" to purchase XL Group Ltd., a global insurance and reinsurance company, Bloomberg News reported March 3, citing people familiar with the matter.

The insurance giant is not the only potential suitor for Bermuda-based XL Group. Bloomberg reported in February that Allianz Group of Germany had expressed an interest in acquiring the company, noting at the time that the talks were preliminary.

The Financial Times reported that it had independently confirmed deal talks, with sources telling the newspaper March 3 that the deal could come within a week.

Axa is planning a U.S. IPO to strengthen its position in health, property and casualty and protection, with a targeted date in the second quarter of 2018. The listing would "free up capital to invest in our targeted markets, health, P&C and protection," Axa CEO Thomas Buberl said on a Feb. 22 conference call.