Acknowledging the announcement made by Catlin Group Limited, XL Group plc confirmed that it is engaged in preliminary discussions with Catlin regarding a potential transaction to acquire the company and form a combined entity.
“Both XL and Catlin – respected, innovative, global P&C firms – are well positioned on their own. However, we both believe that we will be far better positioned and stronger together. We see this transaction as deeply accelerating the strategies of both companies,” XL CEO Mike McGavick said.
McGavick further explained that the combined entity could be a leader in the global specialty and property cat markets and could make greater and more efficient use of both companies’ global networks and infrastructure.
He forecasted the combined company could be a top 10 player in an increasing competitive reinsurance market.
The transaction would require approval by the Boards of Directors of each company and would be subject to various shareholder and regulatory approvals and completion of diligence. There can be no assurance that a transaction will result from these discussions, nor can there be any certainty as to the terms on which any such transaction might proceed.
Source: XL Group
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