DUBLIN, Ireland, May 13, 2016 /PRNewswire/ -- XL Group plc ("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 ordinary shares. The previous
share buyback program, which had approximately $204.1 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. All
share buybacks will be carried out by way of redemption in
accordance with Irish law and the Company's constitutional
documents. All shares so redeemed will be canceled upon
redemption.
In addition, the Company announced today that the Board declared
a quarterly dividend on May 12, 2016
of $0.20 per ordinary share payable
on the Company's ordinary shares. The dividend will be
payable on June 30, 2016 to ordinary
shareholders of record as of June 15,
2016.
The Company also announced today that the board of directors of its
wholly-owned subsidiary, XLIT Ltd., resolved on May 12, 2016 to pay a dividend of $9.4870 per share on XLIT Ltd.'s Series D
Preference Ordinary Shares, which dividend will be paid on
July 15, 2016 to all shareholders of
record as of July 1, 2016.
About XL Group plc
XL Group plc (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.xlcatlin.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 plc