XL Group, a Bermuda-based insurance and reinsurance company, has received the approval from its common shareholders for its acquisition by French insurer AXA.

The cash deal, worth $15.3bn, was first announced in March this year. As per the agreed terms of the transaction, XL Group shareholders will be entitled to receive $57.60 per share.

XL Group CEO Mike McGavick said: “We are pleased with our shareholders’ vote of confidence in supporting all matters, including the AXA transaction. In AXA we have found a like-minded partner committed to innovation and moving our industry forward.

“Becoming a part of AXA provides unrivalled opportunity to accelerate our strategy with new strength and dimension. Based on today’s vote, it is clear that our shareholders share this same vision and opportunity for XL Group.”

Once the deal is closed, the integrated operations of XL Group, AXA Corporate Solutions (AXA’s large commercial P&C and specialty business) and AXA Art will be headed by Greg Hendrick as CEO. Hendrick currently serves as the president and COO at XL Group.

Hendrick will also join AXA Group’s management committee, and report to AXA Group CEO Thomas Buberl.

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XL Group’s current CEO Mike McGavick will become vice- chairman of the combined P&C Commercial lines operations and special adviser to Buberl.

The transaction is expected to be concluded in the second half of 2018, subject to regulatory approvals.