Creates a New Leader in the Global
Specialty Insurance and Reinsurance Markets
DUBLIN, Ireland, May 1, 2015 /PRNewswire/ -- XL Group plc
("XL" or the "Company") (NYSE: XL) announced today that it has
completed the acquisition of Catlin Group Limited ("Catlin") (LSE:
CGL) following the parties' previously announced entry into
an agreement on January 9, 2015 to
acquire all of the capital stock of Catlin to form a combined
business. The closing of the transaction follows the receipt
of all necessary regulatory approvals, Catlin shareholder approval,
and sanctioning of the scheme of arrangement by the Supreme Court
of Bermuda.
Commenting on the announcement, XL CEO Mike McGavick said: "After nearly two years of
discussions, and several months of intense planning, we are
extremely pleased to officially be one company. Starting
today, we are a larger, stronger, more capable firm, with a leading
presence in the global specialty insurance and reinsurance markets.
Most importantly, with our combined talent and expertise we are now
in an incredible position to better assist clients in solving the
world's most complex risks."
Starting Monday, May 4 the
combined company will be marketed as XL Catlin and a global
advertising campaign and new public website will be launched in
time with the market introduction of the new XL Catlin name and
brand on May 5, 2015. The name of the
parent company will remain XL Group plc.
As previously announced, Mike
McGavick will continue as CEO, and Stephen Catlin, founder and CEO of Catlin Group
Limited, has joined XL as Executive Deputy Chairman, also serving
on the Company's Board of Directors.
Mr. Catlin added: "After 30 years as CEO of Catlin, I'm excited
to be taking this next step with XL. Without doubt, today is an
exciting day for our new company, XL Catlin. With greater
scale, capacity and an expanded platform of products and services,
we look forward to creating increased value for our shareholders,
clients, brokers, employees and partners."
Other previously announced senior leadership roles include the
following business leaders: Greg
Hendrick, previously Chief Executive of Insurance Operations
at XL, is now Chief Executive of Reinsurance. Paul Brand, formerly Chief Underwriting Officer
of Catlin, is Chief Underwriting Officer for Insurance and serves
as Chair of the Insurance Leadership Team. And Kelly Lyles, previously XL's head of
Professional Lines is now Chief Regional Officer, Insurance and
Deputy Chair of the Insurance Leadership Team.
About XL Group plc
XL Group plc (NYSE:XL), through its subsidiaries, 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. XL is the company clients look to for answers to their most
complex risks and to help move their world forward. To learn more,
visit www.xlgroup.com. Neither the contents of
XL's website, nor the contents of any other website accessible from
hyperlinks on such website, is incorporated herein or forms part of
this document.
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," "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, 2014 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 plc