The new XL Catlin will become the eighth-largest reinsurer, up from 13th for XL and 19th for Catlin. The transaction is expected to create an attractive return profile with earnings per share and return on equity accretion in 2016, the first full year of combined operation, and double-digit earnings per share accretion in 2017 upon full phase-in of expected synergies. ... XL Group’s acquisition of Catlin in 2015. 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. A slide presentation and other information regarding the additional information regarding the transaction will be available on http://xl.transactionannouncement.com. We won't set optional cookies unless you enable them. Services are designed to protect against the risks faced by organizers, performers, producers, support trades, as well as film and television productions, and live performances. Insurance Defense Marketing Consultant for Law Firms. XL does not make any representations regarding the accuracy, completeness or timeliness of such third party information. Both businesses have been built on underwriting excellence and benefit from strong cultural compatibility. We’ve helped more than 180 insurance defense law firms in 39 states with panel counsel marketing campaigns involving Employment Practices Liability, Professional or Premises Liability, Auto, Trucking, Medical Malpractice, Construction Defects and more. This is higher than the £2.5bn expected when deal talks between the companies were announced on 17 December. Of course, time will tell. LONDON and NEW YORK , April 25, 2017 /PRNewswire/ -- XL Catlin has expanded its suite of Mergers & Acquisitions (M&A) insurance products aimed at supporting deals in the global transactional risk market, and has further strengthened its global team with three key hires. Let us do the same for your firm. In addition, Catlin shareholders will receive a 22p final dividend to be paid in Q1 2015. Catlin Group CEO Stephen Catlin and XL Group CEO Mike McGavick. Accordingly, shareholders of Catlin and others dealing in Catlin shares are not obliged to disclose any of their dealings under the provisions of the Code. 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)". NEW YORK, Dec. 13, 2016 /PRNewswire/ -- Preparing to capitalize on Merger & Acquisition (M&A) activity in 2017, XL Catlin continues to build out its … XL Group also offers Motor Cargo Legal Liability coverage. A conference call to discuss the transaction will be held at 8:00 a.m. Eastern Time on Friday, January 9, 2015. AXA XL is the name of the new Property & Casualty and specialty risk division of AXA. Plans for the acquisition were first announced in March, 2018. With the combination of our talented teams, we expect to maintain strong financial fundamentals while generating attractive economics and long-term value for shareholders including double-digit EPS and meaningful ROE accretion. Together, the combined entity will be a market leading global specialty and property catastrophe insurer which will be far better positioned to respond to the changing dynamics that are impacting the broader insurance and reinsurance markets. XL Catlin. AXA XL is a leading provider of P&C global commercial insurance offering insurance and reinsurance to enterprises of every kind and size. The division reflects the combined resources of XL Insurance, XL Reinsurance, AXA Corporate Solutions, AXA Matrix, and XL Art & Lifestyle. XL Group plc (NYSE:XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies, and other enterprises throughout the world. Investors are advised to read the Circular and the Prospectus carefully. NEW YORK — The $4.1 billion merger of XL Group P.L.C. The deal, originally proposed in December, will … To listen to the conference call, please dial (517) 308-9086 or (888) 673-9805: Passcode: "XL GLOBAL". Dear Valued Partner: On I am especially pleased that Stephen Catlin will continue on with the combined company and, on closing of the acquisition, is expected to serve on our Board. Joined Convex in 2020. The conference call can be accessed through a listen-only dial-in number or through a live webcast. In a situation where the Code applies, this requirement would continue until the date on which any "offer" becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. It is also expected that Mr. Catlin will serve on the Board of Directors. from 8 AM - 9 PM ET, Copyright © 2020 PR Newswire Association LLC. Rule 8.3(b) of the Code provides that if any person is, or becomes "interested" (directly or indirectly) in one percent or more of any class of "relevant securities" of an offeree or of any "securities exchange offeror", all "dealings" in any "relevant securities" of that offeree or of any "securities exchange offeror" (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") should be publicly disclosed in a "dealing disclosure" by no later than 3:30 p.m. (London time) on the "business day" following the date of the relevant transaction. Coyle joins Entercom from XL Catlin, where he served as Vice President of Human Resources for their Global Technology organization. Under Rule 8 of the Code, a "dealing disclosure" would contain details of the "dealing" concerned and of the person's interests and short positions in, and rights to subscribe for, any "relevant securities" of (i) Catlin and (ii) any "securities exchange offeror", save to the extent that these details have previously been disclosed under Rule 8. Copyright © 2020 All Rights Reserved | Legal Expert Connections, Inc. | 866-417-70252385 NW Executive Center Drive | Suite 100 | Boca Raton, FL 33431. It is expected that the realization of these cost synergies will result in one-time integration costs of approximately $250 million which are all anticipated to be incurred by the end of 2017.[1]. Further to the announcement by XL of its offer to acquire the entire issued and to be issued share capital of Catlin (the "Offer"), (i) such Offer will be made pursuant to the terms of a circular to be issued by Catlin to its shareholders in due course setting out the terms and conditions of the Offer, including details of how to vote in respect of the Offer ("Circular"), and (ii) XL will in due course publish a prospectus for the purposes of EU Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the "Prospectus Directive") in relation to shares which will be issued by it in connection with the Offer ("Prospectus"). For UK callers, please dial 44-20-7108-6248 or 0800-279-3953: Passcode: "XL GLOBAL". ", Catlin CEO Stephen Catlin said, "XL is a compelling partner for the Catlin business. The acquisition, which closed September 12, places the newly combined firm in the #1 global … Helping Insurance Defense Law Firms Get on Insurance Panels. Copies of the Prospectus, when published, will be available from XL's website at http://www.XLgroup.com. Accordingly, investors should not subscribe for, or purchase, any securities referred to in this document except on the basis of the information to be contained in the Prospectus, when published, which will be prepared in accordance with the Prospectus Directive. To learn more, visit http://www.XLgroup.com. Following the completion of the transaction, the name of the parent company of the combined group will remain XL Group plc, and the newly combined company will be marketed as XL Catlin, reflecting the strong reputation of both brands. Permission to cite such information has neither been sought nor obtained. 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. An additional Catlin director who meets applicable independence and other qualifications is also expected to join the XL board of directors in connection with the closing of the transaction. The division reflects the combined resources of XL Insurance, XL Reinsurance, AXA Corporate Solutions, AXA Matrix, and XL Art & Lifestyle. 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. Terms in quotation marks are defined in the Code, which can be found on the UK Takeover Panel's website. Catlin 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 362,570,229 common shares in issue and admitted to trading on the Main Market of the London Stock Exchange under ISIN reference BMG196F11004. You can disable them at any time. --------------------------------------------------. The AXA Group is a worldwide leader in insurance and asset management, with 160,000 employees serving 105 million clients in 62 countries. In light of the foregoing, as provided in Rule 8.3(a) of the Code, any person who is "interested" in one percent or more of any class of "relevant securities" of Catlin or of any "securities exchange offeror" (being any "offeror" other than an "offeror" in respect of which it has been announced that its "offer" is, or is likely to be, solely in "cash") should have made an "opening position disclosure" following the commencement of the "offer period" which began when the possible offer announcement was released on December 17, 2014. We are applying the Code but this is not pursuant to the Code or for the purposes of Rule 28. The merger will increase distribution through Catlin’s Lloyd’s platform and give the group a … 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. Additionally, Kelly Lyles, currently XL's Head of Professional Insurance will assume the position of Deputy Chair Insurance Leadership Team and Chief Regional Officer Insurance. Property and casualty services include: construction, environmental, commercial auto, excess and surplus, life sciences, workers’ compensation, and healthcare. XL announced on Friday that it had agreed a deal handing 715.3p for each Catlin share - made up of 388p in cash, and 0.13 shares in the nedw combined business for each currently held Catlin share. This represents a transaction equity value of approximately $4.1 billion dollars. The integration planning team will be led by Myron Hendry, XL's Chief Platform Officer, with support from the extended leadership teams of XL and Catlin. Statements that include the words "expect," "intend," "plan," "believe," "project," "anticipate," "may," "could" or "would" or similar statements of a future or forward-looking nature identify forward-looking statements. We believe the transaction will accelerate each company's strategy, and address the meaningful structural changes we see shaping the P&C sector. If you are in any doubt as to whether or not you should disclose dealings, you should contact an independent financial adviser authorized by the UK Financial Conduct Authority under the UK Financial Services and Markets Act 2000 (or, if you are resident in a jurisdiction other than the U.K., a financial adviser authorized under the laws of such jurisdiction). Recently merged Axa XL expects to cut 711 European jobs out of a global workforce of 9,500 as it integrates three Axa units with XL Catlin. All Rights Reserved. XL expects to issue approximately $1.8 billion of new XL shares in connection with the acquisition. If your insurance defense law firm is asking how you can get on more insurance panels, give us a call. In July 2017, Brooklyn opened branches in Melbourne and Brisbane, and moved its Sydney … NEW YORK, Aug. 9, 2018 /PRNewswire/ -- XL Catlin insurance operations has recently added Naveed Khalidi and Michelle Jensen to its roster of Mergers and Acquisitions (M&A) insurance underwriters. 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 … Actual results may differ materially from those included in such forward-looking statements and therefore you should not place undue reliance on them. XL Group plc and Bermuda-based Catlin Group have completed their merger, the companies announced today.Catlin delisted from the London Stock Exchange and ceased to be traded as of 8am London time.The $4.1 billion deal to combine the two companies is likely to cause some job losses in Bermuda, where both firms have offices, as XL has said it will strive to achieve $200 million … XL Catlin, a commercial specialty insurer, uses Oracle HCM Cloud as the catalyst for its integrated, consolidated global HR operations. 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. 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 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. 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. Accordingly, in the case of both an opening position disclosure and "dealing disclosure" (if any), disclosures of interests in the shares of each of XL and Catlin should be made. 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. In September 2016, XL Catlin acquired Brooklyn Underwriting Pty Ltd, an Australian Sydney-based underwriter. However, market participants are requested to make disclosures of dealings as if the Code applied and as if Catlin were in an "offer period" under the Code. What Does the Merger Mean for XL Catlin Panel Counsel Members? 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. The merger agreement has been unanimously approved by the boards of AXA and XL Group. Consistent with the provisions of Rule 8.1 of the Code, "opening position disclosures" should be made by Catlin and by any "offeror", and all "dealings" in "relevant securities" of Catlin by Catlin, by any "offeror" or by any persons "acting in concert" with any of them, should be disclosed in a "dealing disclosure" by no later than 12:00 p.m. (London time) on the "business day" following the date of the relevant transaction. Professional liability products include: employment practices liability (EPLI), financial services, architects and engineers (A&E), pension fiduciary liability, wage and hour liability, cyber insurance, Directors & Officers (D&O), errors & omissions (E&O – lawyers, accountants, public entities, insurance agents, real estate agents), construction, and environmental. Relevant persons who undertake "dealings" in the "relevant securities" of Catlin or of a "securities exchange offeror" prior to the deadline for making an "opening position disclosure" should instead make a "dealing disclosure". As a result, XL Catlin will be better equipped to serve its clients across a range of distribution channels and geographies with an enhanced suite of capabilities and products.". and Catlin Group Ltd., which was concluded May, was born of a single question asked almost three years ago. 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. 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. This cession, along with the previous whole account quota share contracts with XL Catlin Syndicate 2003 and the Companies within the AXA XL are hereafter referred to as the Whole Account Quota Shares. The basis of belief, principal assumptions and related reports in respect of any "quantified financial benefits statement" or statement on synergies is set out in the offer announcement published on 9 January 2015. Mr. A telephone replay of the conference call will also be available beginning at approximately 10:30 a.m. Eastern Time on Friday, January 9, 2015, until midnight Eastern Time on Monday, February 9, 2015, by dialing 888-568-0151 or 203-369-3462. 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. Brand and Ms. Lyles will both report to Mike McGavick and together will lead all aspects of insurance for the combined company. "Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of "securities". AXA had Euro 1,439 billion in assets under management as of December 31, 2017. This document is an advertisement and not a prospectus for the purposes of the Prospectus Directive. 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 … Catlin's website contains the form of disclosure requested. In July 2016, the company changed its domicile from Ireland to Bermuda and its name changed from XL Group plc to XL Group Ltd. In 2017, IFRS revenues amounted to Euro 98.5 billion and IFRS underlying earnings to Euro 6.0 billion. These statements are based on current plans, estimates and expectations, all of which involve risk and uncertainty. Peter Porrino will continue as Chief Financial Officer. XL Group Global Rebrand (2003) XL Catlin Merger Rollout (2015) We strongly believe that 1000 well-timed whispers hold more sway than a 100 shouts. XL Group plc, through its subsidiaries, was a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies, and other enterprises throughout the world. 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. Catlin is a Bermuda company and is therefore not subject to the United Kingdom Takeover Code (the "Code"). 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. Statements that are not historical facts, including statements about XL's or Catlin's beliefs, plans or expectations, are forward-looking statements. The transaction represents a premium of 23.5% to Catlin's closing share price as of December 16, 2014 the date prior to each company having publicly confirmed discussions regarding a transaction. AXA announced today that it has obtained all regulatory approvals required to complete the proposed acquisition of XL Group Ltd. previously announced on March 5, … XL Catlin | 79,171 followers on LinkedIn. XL Group plc (NYSE: XL) today announced that it has entered into an agreement under which XL will offer to acquire all of the capital stock of Catlin Group Limited (LSE: CGL) to form a combined business which is expected to have a leading presence in the global specialty insurance and reinsurance markets. About XL Group Ltd. XL Group Ltd (NYSE:XL), through its subsidiaries and under the XL Catlin brand, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance … Catlin shares are traded on the London Stock Exchange (ticker symbol: CGL). has completed its $4.28 billion acquisition of Catlin Group Ltd., Dublin-based XL said Friday. JP Morgan Chase, Barclays and Evercore served as financial advisors to Catlin, and Slaughter & May served as its legal advisor. 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. Catlin Group Limited is a global P&C insurer and reinsurer with six underwriting hubs in London, Bermuda, the United States, Asia Pacific, Europe, and Canada. 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. XL Group plc CEO Mike McGavick has issued the following statement upon the closing of the acquisition of the Catlin Group by XL. 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. Thomas Buberl is the Chief Executive Officer of parent company AXA. To satisfy the U.K. market practice of transactions being "funds certain," XL has put in place a bridge facility to backstop the funding of the cash elements of the consideration. Neither the contents of XL's website, nor the contents of any other website accessible from hyperlinks on such website, is incorporated herein or forms part of this document. 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