XL Group’s shareholders have backed the proposal to redomesticate XL’s ultimate parent holding company to Bermuda.
XL expects the redomestication from Ireland to be completed in the third quarter of 2016. It remains subject to receipt of necessary regulatory approvals, satisfaction of other conditions and sanctioning by the High Court of Ireland.
A hearing will be scheduled for July 20, 2016 before the court to sanction the scheme of arrangement.
Shareholders have also approved the other proposals necessary for the change of incorporation to proceed.
As part of the redomestication, a new Bermuda exempted company, XL Group Ltd, will replace XL Group plc as the ultimate holding company of the XL group of companies. Additionally, XL Group’s ordinary shareholders will receive one common share in the new Bermuda company in exchange for each ordinary share of the company held by them.
Michael McGavick, chief executive officer of XL Group, said: “We are pleased that our shareholders are supportive of our plan to set up our corporate home in Bermuda.
“Given, in particular, our long-standing and substantial operations in Bermuda that have been bolstered by the Catlin Group acquisition, and Bermuda's position within the international re/insurance market, including Bermuda's recent achievement of Solvency II equivalency, we believe a change in the country of domicile of our parent company to Bermuda will be advantageous to the company and its shareholders."
XL Group, Bermuda, Europe, Redomestication, Michael McGavick