XL Group completed its $4.1 billion acquisition of Catlin today, May 1, 2015.
As of 8am (BST) today, Catlin has been de-listed from the London Stock Exchange.
New XL shares will be listed on the New York Stock Exchange and Bermuda Stock Exchange today, May 1, 2015, with settlement of the cash consideration expected to take place by May 15, 2015.
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.
Mike McGavick, XL chief executive officer (CEO), 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.”
XL Group, Catlin, Mergers & Acquisitions, Bermuda, North America, Europe, XL Catlin