Bloomberg, early hours of March 5, Beijing time: According to people familiar with the matter, AXA Group is in advanced negotiations to acquire XL Group Ltd., a property and casualty insurer with a market capitalization of $11 billion.

The people said a deal could be announced in the coming days and asked not to be identified because the matter is not yet public. Bloomberg reported last month that XL had also attracted interest from other insurers, including Germany's Allianz. The people said the two sides have not reached a final agreement, other bidders could still emerge, and the current talks could still collapse.

Representatives of XL Group and AXA did not respond to multiple requests for comment. An Allianz spokesperson declined to comment.

Source: 2018-03-05