But the Munich-based giant’s CEO Oliver Baete and board member Helga Jung, who has long overseen JPMorgan Chase & Co., was demonstrating its keen interest.
Buberl was accompanied by Chief Financial Officer Gerald Harlin, General Secretary George Stansfield and Chief Risk Officer Alban de Mailly Nesle to January’s Swiss meeting, to deepen the discussions with Mc Gavick, Hendrick and others for XL.
Our family of 8 (three generations) visited last week, although my husband and I had previously stayed at the Romantik Hotel a couple of years ago.
The location was chosen because of its proximity to the World Economic Forum venue, and because Buberl, who’d worked in Zurich for many years, was fond of the area.
Following the success of that gathering, the two sides began to hold daily talks.
XL Group Ltd., fresh from the annual gathering of the world’s elite at the ski resort of Davos, met in late January to discuss a deal.
The talks proved fruitful, triggering a series of daily -- and then almost hourly -- transatlantic calls and culminating in the $15.3 billion takeover of the Bermuda insurer, code-named “Lynx” in the secret meetings. They met again in Paris within weeks to make sure that XL’s President Greg Hendrick got to know Buberl. By the time of the fateful meeting in Switzerland, talks between the two sides had been accelerating “back and forth, back and forth, back and forth,” in Mc Gavick’s words.
Representatives for Axa and XL declined to comment on the details of their negotiations beyond what the senior executives of both firms said on Monday.
A few weeks ago, Axa came in with its knockout punch: an all-cash offer that secured a period of exclusive negotiations with the Bermuda insurer.
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