Company to change name to XL Group and redomicile from Cayman Islands
XL Capital is planning to redomicile in Ireland. It is currently incorporated in the Cayman Islands.
XL’s Chief Executive Officer, Michael S. McGavick, said: “We believe that changing XL’s place of incorporation from the Caymans to Ireland is in the best interests of XL and our shareholders. Among other benefits, we believe the proposed move will reduce certain risks that may impact us and offer us the opportunity to reinforce our reputation, which is one of our key assets, and to better support our global business platforms. The new “XL Group” name is desirable to reflect our exclusive focus on providing property, casualty and specialty insurance and reinsurance products for our customers’ complex risks.”
To effect the redomestication, a new Irish public limited company, XL Group plc, would replace XL Capital Ltd as the ultimate holding company of the XL group of companies.
Shareholders would get a one share per share swap. The Company’s shares will continue to trade on the NYSE.