XL Group completes sale of life reinsurance division

XL Group has completed the sale of XL Life Reinsurance (XLLR) to GreyCastle Holdings for $570 million.

The completed transaction includes the execution of the reinsurance arrangements with XLLR covering the substantial portion of XL's life reinsurance reserves via 100 percent quota share reinsurance.

XL's life reinsurance business has been in run-off since 2009.

"By completing this transaction and dealing with the vast majority of its life reinsurance business, XL has reduced its risk profile and taken another step toward delivering top-quintile return on equity and book value growth from its core property and casualty operations. This is a good announcement for XL and its shareholders," said Mike McGavick, chief executive officer of XL.