XL Completes Redomestication To Bermuda
XL Group Ltd announced today [July 25] that it has completed its redomestication to change the place of incorporation of the ultimate parent holding company to Bermuda from Ireland.
As previously announced, the name of the new holding company is XL Group Ltd.
XL Group Ltd is registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, and is subject to SEC reporting requirements applicable to domestic registrants.
XL Group Ltd’s shares will trade on the New York Stock Exchange under the ticker symbol “XL” and it is expected to be included in the S&P 500 Index.
XL’s Chief Executive Officer, Michael McGavick, previously said: “Establishing our corporate home in Bermuda is a natural step for XL. XL has had a presence in Bermuda since 1986, which grew significantly following the transformative transaction with Bermuda-based Catlin last year.
“A significant portion of XL’s business, in fact our largest operating subsidiary, has for decades been located in Bermuda and regulated by the Bermuda Monetary Authority [BMA], a premier regulator of global insurance and reinsurance companies.
“Further the BMA’s regulatory regime, and its expertise as an international financial regulator, has recently been acknowledged and endorsed with it being determined fully equivalent to Solvency II by the European Union’s Commission, Parliament and Council.”
Mr McGavick continued: “Following the Catlin transaction, and with the recent determination of full Solvency II equivalence for Bermuda, it has been concluded that the BMA is best situated to serve as XL’s group-wide supervisor and to approve XL’s internal capital model. This is a change that we believe will benefit XL’s clients, partners, and shareholders alike.”
welcome back. spend, hire, and rent my cabs, buy my services, pay taxes, donate time n $$$$ to our public schools, good ole’ expat money is back!
oh and don’t forget to rent my apartments, homes, condos,etc
XL was never domiciled in Bermuda. It was set up in Cayman then moved to Ireland.