XL and Catlin will not have to pay a break fee, if the proposed $4.1 billion merger deal falls through.
This is according to a Securities and Exchange Commission filing, which said: “Whether or not the scheme is completed, each party will bear its own costs and expenses in relation to the implementation agreement. No fee is payable by either party in connection with the termination of the acquisition.”
Following completion of the acquisition, the new entity, to be known as XL Catlin, will boast some $10 billion of total net premiums, more than $3 billion of net reinsurance premiums and make it one of the ten biggest reinsurance groups globally.
XL, Catlin, Bermuda, Securities and Exchange Commission, Reinsurance