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xl catlin merger

Plans for the acquisition were first announced in March, 2018. We’re here to help your business move forward. Catlin Group CEO Stephen Catlin and XL Group CEO Mike McGavick. Legal Expert Connections, Inc. offers three key benefits to insurance defense law firms nationwide: Contact Margaret Grisdela, an insurance defense marketing consultant, at 866-417-7025 or via email. We believe the transaction will accelerate each company's strategy, and address the meaningful structural changes we see shaping the P&C sector. Persons to whom Rule 8.3(a) would have applied had the Code been applicable should have made an "opening position disclosure" by no later than 3:30 p.m. (London time) on the tenth "business day" following the commencement of the "offer period" which began when the possible offer announcement was released on December 17, 2014. The webcast will be available at http://www.XLGroup.com and will be archived on XL's website from approximately 10:30 a.m. Eastern Time on Friday, January 9, 2015, through midnight Eastern Time on Monday, February 9, 2015. The conference call can be accessed through a listen-only dial-in number or through a live webcast. Under the terms of the transaction, XL will acquire all of Catlin's common shares for consideration of 388 pence in cash and 0.130 share of XL for each Catlin common share. DUBLIN, Ireland, May 1, 2015 /PRNewswire/ -- XL Group plc ("XL" or the "Company") (NYSE: XL) announced today that it has completed the acquisition of Catlin Group Limited ("Catlin") (LSE: CGL) 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. and Catlin Group Ltd., which was concluded May, was born of a single question asked almost three years ago. We are applying the Code but this is not pursuant to the Code or for the purposes of Rule 28. Of course, time will tell. Until the transaction closes, John Welch, currently Chief Executive of XL's North America Reinsurance operations, will lead reinsurance operations at XL, given Jamie Veghte' s recent retirement. Property and casualty services include: construction, environmental, commercial auto, excess and surplus, life sciences, workers’ compensation, and healthcare. Any decision in respect of, or in response to, the Offer should be made only on the basis of the information in the Circular and the Prospectus. Mr. XL confirms that as at the close of business on January 8, 2015, being the latest practicable date prior to the date of this announcement, it had 255,178,939 ordinary shares in issue and admitted to trading on the New York Stock Exchange under ISIN reference IE00B5LRLL25. If you are in any doubt as to whether or not you should disclose a "dealing" by reference to the above, you should contact an independent financial adviser authorized by the UK Financial Conduct Authority under the UK Financial Services and Markets Act 2000. Dear Valued Partner: On "Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of "securities". Morgan Stanley and Goldman Sachs served as financial advisors to XL, and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor. AXA XL is a leading provider of P&C global commercial insurance offering insurance and reinsurance to enterprises of every kind and size. The AXA Group, based in France, has entered into a $15.3-billion agreement to acquire 100% of XL Group Ltd., which includes Canadian subsidiary XL … The information in this press release is provided for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, shares of XL or Catlin. Thomas Buberl is the Chief Executive Officer of parent company AXA. Furthermore, no statement in this document should be interpreted to mean that: (i) earnings or earnings per share for Catlin for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share for Catlin; or (ii) earnings or earnings per share for XL for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share for XL. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes: (a) changes in the size of claims relating to natural or man-made catastrophe losses due to the preliminary nature of some reports and estimates of loss and damage to date; (b) trends in rates for property and casualty insurance and reinsurance; (c) the timely and full recoverability of reinsurance placed by XL or Catlin with third parties, or other amounts due to XL or Catlin; (d) changes in the projected amount of ceded reinsurance recoverables and the ratings and credit worthiness of reinsurers; (e) actual loss experience from insured or reinsured events and the timing of claims payments being faster or the receipt of reinsurance recoverables being slower than anticipated; (f) increased competition on the basis of pricing, capacity, coverage terms or other factors such as the increased inflow of third party capital into reinsurance markets, which could harm either XL's or Catlin's ability to maintain or increase its business volumes or profitability; (g) greater frequency or severity of claims and loss activity than XL's or Catlin's respective underwriting, reserving or investment practices anticipate based on historical experience or industry data; (h) changes in the global financial markets, including the effects of inflation on XL's or Catlin's business, including on pricing and reserving, increased government involvement or intervention in the financial services industry and changes in interest rates, credit spreads, foreign currency exchange rates and future volatility in the world's credit, financial and capital markets that adversely affect the performance and valuation of either XL's or Catlin's investments, financing planning and access to such markets or general financial condition; (i) changes in ratings, rating agency policies or practices; (j) the potential for changes to methodologies, estimations and assumptions that underlie the valuation of XL's or Catlin's respective financial instruments that could result in changes to investment valuations; (k) changes to XL's or Catlin's respective assessment as to whether it is more likely than not that it will be required to sell, or has the intent to sell, available-for-sale debt securities before their anticipated recovery; (l) the ability of XL's or Catlin's subsidiaries to pay dividends; (m) the potential effect of legislative or regulatory developments in the jurisdictions in which XL or Catlin operates, such as those that could impact the financial markets or increase their respective business costs and required capital levels, including but not limited to changes in regulatory capital balances that must be maintained by operating subsidiaries and governmental actions for the purpose of stabilizing the financial markets; (n) the actual amount of new and renewal business and acceptance of products and services, including new products and services and the materialization of risks related to such products and services; (o) changes in applicable tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof; (p) the effects of mergers, acquisitions, divestitures and retrocession agreements; and (q) in the case of XL, the other factors set forth in XL's reports on Form 10-K, Form 10-Q and other documents on file with the United States Securities and Exchange Commission. XL Group P.L.C. A, HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, Increased relevance with brokers through greater premium volume, broader product offering and an expanded global network, particularly given an enlarged Lloyd's platform with Catlin having a leading Lloyd's presence, Top tier in many of the specialty lines in which XL has recently invested including Political Risk and Crisis Management,  will add to leading positions in Aerospace, Fine Art & Specie, and will have a best-in class Aviation, Marine and Energy Platform, More effectively leveraging investments in technology and data analytics, as well as a larger dataset to build out predictive modelling and analytics, Top 10 global reinsurer with multi-line capabilities, with net premiums written nearly doubling to over, Top three broker market property cat writer with enhanced third party opportunities - leveraging talent and relationships from each company to optimize combined platform. Paul Brand, Catlin's Chief Underwriting Officer, will have the position of Chair Insurance Leadership Team and Chief Underwriting Officer Insurance and will have responsibility for capital allocation and purchasing outward reinsurance for the group. AXA XL is the name of the new Property & Casualty and specialty risk division of AXA. Brand and Ms. Lyles will both report to Mike McGavick and together will lead all aspects of insurance for the combined company. has completed its $4.28 billion acquisition of Catlin Group Ltd., Dublin-based XL said Friday. Under the terms of the transaction, XL will acquire all of Catlin's common shares for consideration of 388 pence in cash and 0.130 share of XL for each Catlin … Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support We won't set optional cookies unless you enable them. Bermuda-based insurer and reinsurer XL Group Ltd.'s shareholders have approved its merger plan with France-based Axa S.A., Bernews reported. Additionally, the combination of XL's and Catlin's business platforms is expected to generate compelling benefits: Mike McGavick will continue as CEO and it is expected that Stephen Catlin will join the combined company as Executive Deputy Chairman upon the closing of the transaction. The merger agreement has been unanimously approved by the boards of AXA and XL Group. The primary sources of these cost synergies are expected through the consolidation of the combined infrastructure related to technology, real estate, and operational overlap as well as the consolidation of business and central support functions. ", McGavick continued, "This is an extraordinary opportunity to bring together two innovators with roots in disciplined underwriting, industry leadership and business vision, and strong cultural alignment. The acquisition, which closed September 12, places the newly combined firm in the #1 global … In addition, Catlin shareholders will receive a 22p final dividend to be paid in Q1 2015. XL CEO Mike McGavick commented: "We are delighted to announce this compelling combination which positions us strongly to provide more - and even better - answers for the world's most complex risks while enhancing our opportunities to create value for shareholders and better serve clients and brokers. AXA announced today that it has entered into an agreement to acquire 100% of XL Group Ltd (NYSE: XL), a leading global Property & Casualty commercial lines insurer and reinsurer with strong presence in North America, Europe, Lloyd's and Asia-Pacific. We have helped more than 150 insurance defense law firms pursue new insurance panel counsel clients. The transaction is structured as a scheme of arrangement and is expected to close mid-2015, subject to approval of Catlin shareholders and sanction by the Supreme Court of Bermuda, customary regulatory approvals and anti-trust clearances, and other customary closing conditions. Following the announcement of the acquisition of XL Group Ltd by AXA SA on March 5th, the two companies today present a new step in the planning process for combining XL Group operations, AXA Corporate Solutions and AXA Art into the new division of the AXA Group dedicated to large P&C commercial lines and specialty risks following closing of the acquisition. Previously spent 2.5 years managing the Brexit programme and and post- To listen to the conference call, please dial (517) 308-9086 or (888) 673-9805: Passcode: "XL GLOBAL". XL Catlin. An "opening position disclosure" should contain details of the person's interests and short positions in, and rights to subscribe for, any "relevant securities" of each of (i) Catlin and (ii) any "securities exchange offeror(s)". Brooklyn became the trading name in Australia of Catlin Australia Pty Limited. Given the complementary nature of the product lines brought together by AXA and XL Catlin, there may not be much impact on the XL Catlin panel in the near term. This press release contains forward-looking statements, both with respect to XL and Catlin and their industries, that reflect their current views with respect to future events and financial performance. The combined company will identify additional roles for many of Catlin's senior management team post-integration, and plans to create an organization that draws upon the talent of both XL and Catlin's functional teams. These statements are based on current plans, estimates and expectations, all of which involve risk and uncertainty. JP Morgan Chase, Barclays and Evercore served as financial advisors to Catlin, and Slaughter & May served as its legal advisor. Certain information included in this press release has been sourced from third parties. AXA XL, as a controller, uses cookies to provide its service, improve user experience, measure audience engagement, and interact with users’ social network accounts. With $17B of total capital and approximately $10B of net premium, based on the December 31, 2013 audited financials of each company, the combined company will achieve significant scale within its core competencies of global specialty insurance and reinsurance. In July 2017, Brooklyn opened branches in Melbourne and Brisbane, and moved its Sydney … Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support We will benefit enormously from Stephen's input in all strategic decisions and through our ability to leverage his vast market network as we implement the strategy of the new combined company. DUBLIN, Ireland, January 9, 2015 /PRNewswire/ --, - Expected to Create a Leader in Global Specialty Insurance and Reinsurance Markets, - Expected to Create Double Digit EPS and Meaningful ROE Accretion.

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