16 May 2016 Insurance

XL approves $1bn share buyback programme

The Board of Directors of XL Group has approved a new share buyback programme, authorising the company to buy back up to $1 billion of its ordinary shares.

The previous share buyback programme, which had approximately $204.1 million remaining, was cancelled.

XL 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 programme will depend on a variety of factors, including market conditions, legal requirements and other factors. The buyback programme 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 cancelled upon redemption.

In addition, the XL Board has declared a quarterly dividend on May 12, 2016 of $0.20 per ordinary share payable on the company’s ordinary shares. The dividend will be payable on June 30, 2016 to ordinary shareholders of record as of June 15, 2016.

The re/insurance firm also announced today that the board of directors of its wholly-owned subsidiary, XLIT, resolved on May 12, 2016 to pay a dividend of $9.4870 per share on XLIT’s Series D Preference Ordinary Shares, which dividend will be paid on July 15, 2016 to all shareholders of record as of July 1, 2016.

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