XL Group plc Announces $1 Billion Share Buyback Program and Increase in Ordinary Share Dividends from $0.16 to $0.20 per Share
(Dublin, Ireland) - August 06, 2015
XLGroup plc (“XL” or the “Company”) (NYSE: XL) announced today that the Board ofDirectors 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 $97.6 millionremaining, was canceled.
The Company expectsthe purchases to be made from time to time in the open market or in privatelynegotiated transactions, and that such purchases are expected to be funded fromcash on hand. The timing, form and amount of the share buybacks under theprogram will depend on a variety of factors, including market conditions, legalrequirements and other factors. The buyback program may be modified, extendedor terminated by the Board at any time. All share buybacks will be carried outby way of redemption in accordance with Irish law and the Company's constitutionaldocuments. All shares so redeemed will be canceled upon redemption.
In addition, theCompany announced today that the Board declared a quarterly dividend on August5, 2015 of $0.20 per ordinary share payable on the Company’s ordinary shares.This action 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 toordinary shareholders of record as of September 15, 2015.
The Company also announced today that the board of directors of itswholly-owned subsidiary, XLIT Ltd., resolved on August 5, 2015 to pay (a) adividend of $8.7106 per share on XLIT Ltd.’s Series D Preference OrdinaryShares, which dividend will be paid on October 15, 2015 to all shareholders ofrecord as of October 1, 2015, and (b) a dividend of $32.50 per share on XLITLtd.’s Series E Preference Ordinary Shares, which dividend will be paid onOctober 15, 2015 to all shareholders of record as of October 1, 2015.
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 andspecialty products to industrial, commercial and professional firms, insurancecompanies and other enterprises throughout the world.Clients look to XL Catlin for answers totheir most complex risks and to help move their world forward. To learn more,visit www.xlcatlin.com
This press release contains forward-lookingstatements within the meaning of the Private Securities Litigation Reform Actof 1995. Statements that are not historical facts, including statements aboutXL’s beliefs, plans or expectations, are forward-looking statements. Thesestatements are based on current plans, estimates and expectations, all of whichinvolve risk and uncertainty. Statements that include the words “expect,”“intend,” “plan,” “believe,” “project,” “anticipate,” “may,” “look” or similarstatements of a future or forward-looking nature identify forward-lookingstatements. Factors that could cause actual results to differ from thosepredicted are set forth under “Risk Factors” or “Cautionary Note RegardingForward-Looking Statements” in XL’s Annual Report on Form 10-K for the yearended December 31, 2014 and our other documents on file with the SEC. XLundertakes no obligation to update publicly or revise any forward-lookingstatement, whether as a result of new information, future developments orotherwise.