XL unveils $1bn share buyback scheme

The parent company of the newly-formed XL Catlin, XL Group, has revealed a $1 billion share buyback programme and increased its quarterly dividend.

The new programme will replace the previous buyback scheme, which had approximately $97.6 million remaining.

Additionally, the re/insurer declared a quarterly dividend of $0.20 per ordinary share payable on the company’s ordinary shares.

This increases the quarterly dividend to $0.20 per ordinary share from $0.16 per ordinary share. The dividend will be payable on September 30, 2015 to ordinary shareholders of record as of September 15, 2015.