XL Group $1 Billion Share Buyback Program

February 17, 2017 | 0 Comments

XL Group Ltd announced today that the Board of Directors of the Company approved a new share buyback program, authorizing the Company to buy back up to $1 billion of its common shares. The previous share buyback program, which had approximately $349 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,” XL said.

“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.

“In addition, the Company announced today that the Board declared a quarterly dividend on February 16, 2017 of $0.22 per common share payable on the Company’s common shares. This action increases the quarterly dividend to $0.22 per common share from $0.20 per common share. The dividend will be payable on March 31, 2017 to common shareholders of record as of March 15, 2017.

“The Company also announced today that the board of directors of its wholly-owned subsidiary, XLIT Ltd., resolved on February 16, 2017 to pay [a] a dividend of $10.4730 per share on XLIT Ltd.’s Series D Preference Ordinary Shares, which dividend will be paid on April 18, 2017 to all preference shareholders of record as of April 14, 2017 and [b] a dividend of $32.50 per share on XLIT Ltd.’s Series E Preference Ordinary Shares, which dividend will be paid on April 18, 2017 to all preference shareholders of record as of April 14, 2017.”

Share via email

Read More About

Category: All, Business

Leave a Reply

Latest Podcasts

Podcast: World Champion Triathlete Flora Duffy

Podcast: World Champion Triathlete Flora Duffy

In the latest Bernews podcast, one of Bermuda’s greatest athletes of all time, Flora Duffy, says being a world champion is something she has dreamed of since she was eight-years-old. Ms Duffy was back in Bermuda taking a short break after a grueling year which has seen her achieve outstanding success. “When I started racing, I […]

Share via email
November 14, 2016 | 0 Comments
Podcast: Dr Fleming On Issues Affecting Seniors

Podcast: Dr Fleming On Issues Affecting Seniors

In the latest Bernews Podcast, we talk to Dr Claudette Fleming, the Executive Director of Age Concern, about issues affecting senior citizens in Bermuda. Dr Fleming talks about research she has done in Bermuda as well as the effects of the recession on Age Concern’s members. She also addresses the issue of income disparity and […]

Share via email
October 17, 2016 | 2 Comments
Podcast: Martha Dismont On Child Neglect/Abuse

Podcast: Martha Dismont On Child Neglect/Abuse

In the latest Bernews podcast, we sit down with Martha Dismont, the Executive Director of the Family Centre, which has recently launched a campaign called ‘Neglect Is Abuse, See It, Stop It’ to try and stem a significant rise in cases of child neglect. Ms Dismont links the rise in neglect cases directly “to the […]

Share via email
September 23, 2016 | 2 Comments
Podcast: Baron On Crime, Road Safety & More

Podcast: Baron On Crime, Road Safety & More

In this latest Bernews podcast, we speak to the Minister of National Security Jeff Baron who revealed than gang membership has dropped by more than 150 people. Yet, he says, gangs are still changing and recruiting – sometimes even from schools. The Minister talks about his plans for restorative justice – which focuses on both the needs […]

Share via email
August 30, 2016 | 8 Comments
Podcast: Governor On Airport, Commission, More

Podcast: Governor On Airport, Commission, More

In this latest Bernews podcast, we interview George Fergusson who will soon be stepping down as Governor. He touches on a wide range of issues such as turning down a request to hold a Commission of Inquiry into the Tucker’s Point land matter, the airport redevelopment, the effect on Bermuda of Brexit, the British Government’s […]

Share via email
July 25, 2016 | 9 Comments
="banner728-container bottom clearfix">