XL Group to Change its Place of Incorporation to Bermuda
XL Group plc XL will re-domesticate to Bermuda from Ireland as its shareholders have approved of the move. On May 11, the company’s shareholders had approved the other proposals required for the re-domestication.
However, the re-domestication remains subject to regulatory approvals, satisfaction of other conditions and sanctioning by the High Court of Ireland. The decision will likely be finalized on Jul 20. XL Group anticipates the re-domestication by third quarter of this year.
The intention to re-domesticate to Bermuda is backed by the considerable operations that XL Group has in Bermuda. With the acquisition of Bermuda-based Catlin Group Limited in May 2015, the insurer further strengthened its presence there. XL Group presently carries operations under the brand name XL Catlin. The insurer has a presence in Bermuda since 1986. Also, Bermuda’s strong position within the global (re)insurance market, and the achievement of Solvency II equivalency led to the decision.
Nonetheless, XL Group does not expect any impact on its financial results due to this re-domestication.
The insurer will also change its name to XL Group Ltd. The common shareholders will receive one share of the new Bermuda company for each share presently owned by them.
XL Group had changed its domicile to Ireland from the Cayman Islands on Jul 1, 2010 and changed its name to XL Group plc from XL Capital Ltd.
XL GROUP PLC Price
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Zacks Rank and Stocks to Consider
XL Group presently carries a Zacks Rank #3 (Hold). Some better-ranked property and casualty insurers are Cincinnati Financial Corp CINF, Markel Corp. MKL and National General Holdings Corp. NGHC. Each of these stocks sports a Zacks Rank #1 (Strong Buy).
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