xl catlin merger

Specifically, the combination will add immediate scale in specialty insurance, it will create a more efficient and more capable global network by bringing our two infrastructures together, and it creates a top 10 reinsurer with expanded alternative capital capabilities. 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. 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. 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"). 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. 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. XL Group also offers Motor Cargo Legal Liability coverage. Copies of the Prospectus, when published, will be available from XL's website at http://www.XLgroup.com. It is expected that the combined entity will be able to achieve annual cost synergies of at least $200 million, with the full level of these recurring synergies being achieved by the end of 2017. 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 … Catlin's website contains the form of disclosure requested. 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. 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. NEW YORK — The $4.1 billion merger of XL Group P.L.C. Catlin Group CEO Stephen Catlin and XL Group CEO Mike McGavick. In July 2017, Brooklyn opened branches in Melbourne and Brisbane, and moved its Sydney … 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 … Thomas Buberl is the Chief Executive Officer of parent company AXA. The acquisition, which closed September 12, places the newly combined firm in the #1 global … Morgan Stanley and Goldman Sachs served as financial advisors to XL, and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor. Upon closing of the XL and Catlin merger, Coyle was a leader in the global human resources integration efforts, developing talent programs to establish and support a high-performance culture. Brand and Ms. Lyles will both report to Mike McGavick and together will lead all aspects of insurance for the combined company. 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. Peter Porrino will continue as Chief Financial Officer. We’re here to help your business move forward. from 8 AM - 9 PM ET, Copyright © 2020 PR Newswire Association LLC. 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. Previously spent 2.5 years managing the Brexit programme and and post- For UK callers, please dial 44-20-7108-6248 or 0800-279-3953: Passcode: "XL GLOBAL". 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. Terms in quotation marks are defined in the Code, which can be found on the UK Takeover Panel's website. In 2018 the cession of AXA XL represented 1.1% of gross premiums written by AXA XL (2017: 1.2%). 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. Connect with Margaret Grisdela on LinkedIn. What Does the Merger Mean for XL Catlin Panel Counsel Members? 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 … We are applying the Code but this is not pursuant to the Code or for the purposes of Rule 28. These operate on a funds withheld basis. This document is an advertisement and not a prospectus for the purposes of the Prospectus Directive. We believe the transaction will accelerate each company's strategy, and address the meaningful structural changes we see shaping the P&C sector. Domiciled in Bermuda and listed on the London Stock Exchange, Catlin has owned and managed the largest Lloyd's syndicate since 2000. XL Catlin, a commercial specialty insurer, uses Oracle HCM Cloud as the catalyst for its integrated, consolidated global HR operations. Plans for the acquisition were first announced in March, 2018. AXA XL helps you take your business further. In 2017, IFRS revenues amounted to Euro 98.5 billion and IFRS underlying earnings to Euro 6.0 billion. 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. 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. 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. AXA XL, as a controller, uses cookies to provide its service, improve user experience, measure audience engagement, and interact with users’ social network accounts. In September 2016, XL Catlin acquired Brooklyn Underwriting Pty Ltd, an Australian Sydney-based underwriter. The merger will increase distribution through Catlin’s Lloyd’s platform and give the group a … Mr. 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. The acquisition, which closed September 12,  places the newly combined firm in the #1 global position for P&C lines, according to company reports. XL is the company clients look to for answers to their most complex risks and to help move their world forward. 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. If your insurance defense law firm is asking how you can get on more insurance panels, give us a call. 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. Insurance defense law firms that are XL Catlin panel counsel members will want to stay close to their claims contacts to monitor news on the merger and any reorganization plans. September 14, 2018 By Margaret Grisdela. Bermuda-based insurer and reinsurer XL Group Ltd.'s shareholders have approved its merger plan with France-based Axa S.A., Bernews reported. 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. 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 Catlin Acquired by AXA. No statement in this document is intended as a profit forecast or estimate of the future financial performance of XL, Catlin or the combined group following completion of the Offer for any period unless otherwise stated. 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. 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. 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. 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. 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. Sep 12, 2018. published at 2:50 PM CEST. These statements are based on current plans, estimates and expectations, all of which involve risk and uncertainty. Insurance Defense Marketing Consultant for Law Firms. 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]. 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. 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. 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. The merger agreement has been unanimously approved by the boards of AXA and XL Group. This represents a transaction equity value of approximately $4.1 billion dollars. XL expects to issue approximately $1.8 billion of new XL shares in connection with the acquisition. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Catlin or a "securities exchange offeror", they would, if the Code were applicable, be deemed to be a single person for the purpose of Rule 8.3 of the Code. 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. The AXA Group is a worldwide leader in insurance and asset management, with 160,000 employees serving 105 million clients in 62 countries. We design and shape every media campaign with the core goal of protecting and promoting our clients with resonance and equity in their markets. 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, … In particular, a person will be treated as having an "interest" by virtue of the ownership or control of "securities", or by virtue of any option in respect of, or derivative referenced to, "securities". 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. 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