Also Announces Declaration of XLIT Ltd. Preference Ordinary Share Dividends
Dublin, Ireland – February 22, 2013 – XL Group plc (“XL” or the “Company”) (NYSE: XL) announced today that the Board of Directors of the Company (the “Board”) approved a new share buyback program, authorizing the Company to buy back up to $850 million of its ordinary shares. The previous share buyback program, which had $250 million remaining, was canceled.
The Company expects the purchases to be made from time to time in the open market or in privately negotiated transactions, and that such purchases are expected to be funded from cash on hand. The timing, form and amount of the share buybacks under the program will depend on a variety of factors, including market conditions, legal requirements and other factors. The buyback program may be modified, extended or terminated by the Board at any time. All share buybacks will be carried out by way of redemption in accordance with Irish law and the Company's constitutional documents. All shares so redeemed will be canceled upon redemption.
The Company announced today that the Board declared a quarterly dividend on February 21, 2013 of $0.14 per ordinary share payable on the Company’s ordinary shares. This action increases the quarterly dividend to $0.14 per ordinary share from $0.11 per ordinary share. The dividend will be payable on April 1, 2013 to ordinary shareholders of record as of March 15, 2013.
The Company also announced today that the Board of Directors of its wholly-owned subsidiary, XLIT Ltd., resolved today to pay (a) a dividend of $8.5575 per share on XLIT Ltd.’s Series D Preference Ordinary Shares, which dividend will be paid on April 15, 2013 to all shareholders of record as of April 1, 2013, and (b) a dividend of $32.50 per share on XLIT Ltd.’s Series E Preference Ordinary Shares, which dividend will be paid on April 15, 2013 to all shareholders of record as of April 1, 2013.
About XL Group plc
XL Group plc, through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. Its principal offices are located at No.1 Hatch Street Upper, 4th Floor, Dublin 2, Ireland. To learn more, visit www.xlgroup.com
This press release contains forward-looking statements. Such statements involve inherent risks and uncertainties. Statements that are not historical facts, including statements about XL’s beliefs or expectations, are forward-looking statements. These statements are based on current plans, estimates and expectations, all of which involve risk and uncertainty. Actual results may differ materially from those projected in such forward-looking statements and therefore you should not place undue reliance on them. A non-exclusive list of the important factors that could cause actual events or results to differ materially from those in such forward-looking statements is set forth in XL’s most recent annual report on Form 10-K, quarterly report on Form 10-Q and XL’s other documents on file with the Securities and Exchange Commission. XL undertakes no obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future developments or otherwise.