HAMILTON, Bermuda, Feb. 17, 2017 /PRNewswire/ -- XL Group Ltd
("XL" or the "Company") (NYSE: XL) announced today that the Board
of Directors of the Company (the "Board") approved a new share
buyback program, authorizing the Company to buy back up to
$1 billion of its common shares. The
previous share buyback program, which had approximately
$349 million remaining, was
canceled.
The Company expects the purchases to be made from time to time
in the open market or in privately negotiated transactions, and
that such purchases are expected to be funded from cash on hand.
The timing, form and amount of the share buybacks under the program
will depend on a variety of factors, including market conditions,
legal requirements and other factors. The buyback program may be
modified, extended or terminated by the Board at any time.
In addition, the Company announced today that the Board declared
a quarterly dividend on February 16,
2017 of $0.22 per common share
payable on the Company's common shares. This action increases
the quarterly dividend to $0.22 per
common share from $0.20 per common
share. The dividend will be payable on March 31, 2017 to common shareholders of record
as of March 15, 2017.
The Company also announced today that the board of directors of
its wholly-owned subsidiary, XLIT Ltd., resolved on February 16, 2017 to pay (a) a dividend of
$10.4730 per share on XLIT Ltd.'s
Series D Preference Ordinary Shares, which dividend will be paid on
April 18, 2017 to all preference
shareholders of record as of April 14,
2017 and (b) a dividend of $32.50 per share on XLIT Ltd.'s Series E
Preference Ordinary Shares, which dividend will be paid on
April 18, 2017 to all preference
shareholders of record as of April 14,
2017.
About XL Group Ltd
XL Group Ltd (NYSE:XL), through its subsidiaries and under the
XL Catlin brand, is a global insurance and reinsurance company
providing property, casualty and specialty products to industrial,
commercial and professional firms, insurance companies and other
enterprises throughout the world. Clients look to XL Catlin
for answers to their most complex risks and to help move their
world forward. To learn more, visit www.xlgroup.com
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Statements that are not historical facts, including
statements about XL's beliefs, plans or expectations, are
forward-looking statements. These statements are based on current
plans, estimates and expectations, all of which involve risk and
uncertainty. Statements that include the words "expect,"
"estimate," "intend," "plan," "believe," "project," "anticipate,"
"may," "look" or similar statements of a future or forward-looking
nature identify forward-looking statements. Factors that could
cause actual results to differ from those predicted are set forth
under "Risk Factors" or "Cautionary Note Regarding Forward-Looking
Statements" in XL's Annual Report on Form 10-K for the year ended
December 31, 2015 and our other
documents on file with the SEC. XL undertakes no obligation to
update publicly or revise any forward-looking statement, whether as
a result of new information, future developments or
otherwise.
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SOURCE XL Group Ltd