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Guardian Royal Exchange

Guardian Royal Exchange, the insurance group, is to be acquired by Axa of France in a £3.3bn deal, and it will be merged with Axa's Sun Life & Provincial division.

Guardian Royal Exchange is acquiring ING's US property and casualty business for £1.15bn, and is selling its Canadian division to ING for $375m, in a deal that will strengthen its position in the US Midwest and north-east.

Guardian Royal Exchange has bought Legal & General's commercial general insurance business for £48m, and hopes to achieve cost savings by merging the business with existing operations.

Guardian Royal Exchange has set up a new company, Spring Inns, to buy about 1,400 pubs from Inntrepreneur Pub Company for £262m.

Guardian Royal Exchange is buying the RAC's insurance broking business for £68m, and the business will become part of Guardian Direct but will continue to use the RAC name.