xl group plc (XL) Key Developments
XL Group plc Appoints Stephen Catlin as Executive Deputy Chairman and to its Board
May 1 15
XL Group plc announced that it has completed the acquisition of Catlin Group Limited following the parties' previously announced entry into an agreement on January 9, 2015 to acquire all of the capital stock of Catlin to form a combined business. As previously announced, Mike McGavick will continue as CEO, and Stephen Catlin, founder and CEO of Catlin Group Limited, has joined XL as Executive Deputy Chairman, also serving on the Company's Board of Directors.
XL Group plc Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015
Apr 29 15
XL Group plc reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net investment income - excluding Life Funds Withheld Assets of $158,094,000 compared to $233,139,000 for the same period a year ago. Total adjusted revenues were $1,553,274,000 compared to $1,787,824,000 last year. Income before income tax, income from operating affiliates, and Life Retrocession Arrangements was $203,494,000 compared to $279,512,000 last year. Net income was $73,671,000 compared to $291,476,000 last year. Net income attributable to ordinary shareholders was $36,281,000 or $0.14 per diluted share compared to $255,717,000 or $0.91 per diluted share last year. Operating net income was $194,376,000 or $0.75 per diluted share compared to $238,649,000 or $0.85 per diluted share last year. Annualized return on ordinary shareholders' equity based on operating net income was 7.7% compared to 9.4% last year. Annualized operating return on average ordinary shareholders' equity excluding average unrealized gains and losses on investments was 9.1% compared to 10.3% last year. Annualized operating net income was $777,504,000 compared to $954,596,000 last year. Fully diluted book value per ordinary share was $39.30 and fully diluted tangible book value per ordinary share of $37.60 as on March 31, 2015 compared to fully diluted book value per ordinary share was $38.51 and fully diluted tangible book value per ordinary share of $36.79 as on December 31, 2014. Net investment income for the quarter was $208.5 million, compared to $233.2 million in the prior year quarter. The overall decline is primarily due to the normal turnover of the portfolio combined with foreign exchange impacts. Included in investment income in the current quarter is $50.4 million of income related to designated investments that support the Life Retrocession Arrangements written on a funds withheld basis compared to $53.9 million in the fourth quarter of 2014.
XL Group Introduces Simplified Environmental Excess Policy Form
Apr 16 15
XL Group's Environmental insurance business has created a new excess insurance policy providing their clients and brokers in the US and Canada with a simplified solution for buying an additional layer of environmental insurance protection. This new excess insurance form supports a consistent coverage approach between the excess layer and the underlying policy. This new excess policy protects clients with environmental exposures that could lead to a multimillion dollar claim. Excess protection reinforces a company's environmental stewardship commitment, helping it address the high costs and cleanup of catastrophic pollution events. XL Group'snew two-page Environmental Excess Policy provides up to $50 million of additional pollution limits over another insurance carrier's environmental insurance policy. Coverage can be written over both occurrence and claims made policies.
XL Group plc Appoints Pablo Crain as Country Manager of Mexico Insurance Operation
Apr 16 15
XL Group plc announced the appointment of Pablo Crain as Country Manager for its insurance operation in Mexico, effective April 27, 2015. In this role Mr. Crain will be responsible for the development and growth of the Group's insurance business activities in Mexico. Before joining XL Group, Mr. Crain was Head of Swiss Re Corporate Solutions in Mexico. Previously, he held positions in Swiss Re Group in New York, Munich, and Zurich. Mr. Crain succeeds Alvaro Salamanca who successfully established the Group's insurance operation in Mexico.
XL Group Launches Shariah-Compliant Equine Policy
Apr 13 15
XL Group launched the first Shariah-compliant product to be available through Lloyd's of London. The cover is an equine product which responds to named perils, mortality, theft, infertility and permanent disability, amongst other risks.