DUBLIN, Ireland, May 13, 2016 /PRNewswire/ -- XL Group plc ("XL" or the "Company") (NYSE: XL) announced today that the Board of Directors of the Company (the "Board") approved a new share buyback program, authorizing the Company to buy back up to $1 billion of its ordinary shares. The previous share buyback program, which had approximately $204.1 million remaining, was canceled.
The Company 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 program will depend on a variety of factors, including market conditions, legal requirements and other factors. The buyback program 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 canceled upon redemption.
In addition, the Company announced today that the Board 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 Company also announced today that the board of directors of its wholly-owned subsidiary, XLIT Ltd., resolved on May 12, 2016 to pay a dividend of $9.4870 per share on XLIT Ltd.'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.
About XL Group plc
XL Group plc (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 companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit www.xlcatlin.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about XL's beliefs, plans or expectations, are forward-looking statements. These statements are based on current plans, estimates and expectations, all of which involve risk and uncertainty. Statements that include the words "expect," "estimate," "intend," "plan," "believe," "project," "anticipate," "may," "look" or similar statements of a future or forward-looking nature identify forward-looking statements. Factors that could cause actual results to differ from those predicted are set forth under "Risk Factors" or "Cautionary Note Regarding Forward-Looking Statements" in XL's Annual Report on Form 10-K for the year ended December 31, 2015 and our other documents on file with the SEC. XL undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
SOURCE XL Group plc