Bermuda-based XL Capital has completed the acquisition of a 67% majority shareholding in Le Mans Re, a joint venture reinsurer formed in 1999 by XL and Mutuelles du Mans Assurances (MMA) of France.
MMA, which had held a 51% stake in Le Mans Re, will now retain a 33% stake in the venture.
MMA President Jean-Claude Seys and Charles-Werner Skrzynski, who continues as president of Le Mans Re, will sit on Le Mans Re's board.
Last September, XL and MMA said they were discussing terms under which XL would acquire the 67% stake in the joint venture.
The announcement about Le Mans Re coincides with another XL Capital acquisition - a minority interest in Stanfield Capital Partners LLC, an investment management company based in New York.
Stanfield specialises in collateralised debt obligations and other credit-based products.
XL said it had also acquired a direct minority interest in Stanfield Global Strategies (formerly Ceres Capital), an investment management firm majority-owned by Stanfield that manages a $3bn (£2.07bn) investment grade securities conduit.
