xl catlin merger

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. Accordingly, in the case of both an opening position disclosure and "dealing disclosure" (if any), disclosures of interests in the shares of each of XL and Catlin should be made. NEW YORK — The $4.1 billion merger of XL Group P.L.C. This is higher than the £2.5bn expected when deal talks between the companies were announced on 17 December. What Does the Merger Mean for XL Catlin Panel Counsel Members? Neither the contents of XL's website, nor the contents of any other website accessible from hyperlinks on such website, is incorporated herein or forms part of this document. XL announced on Friday that it had agreed a deal handing 715.3p for each Catlin share - made up of 388p in cash, and 0.13 shares in the nedw combined business for each currently held Catlin share. 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. 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. 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. Rule 8.3(b) of the Code provides that if any person is, or becomes "interested" (directly or indirectly) in one percent or more of any class of "relevant securities" of an offeree or of any "securities exchange offeror", all "dealings" in any "relevant securities" of that offeree or of any "securities exchange offeror" (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") should be publicly disclosed in a "dealing disclosure" by no later than 3:30 p.m. (London time) on the "business day" following the date of the relevant transaction. "Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of "securities". In 2018 the cession of AXA XL represented 1.1% of gross premiums written by AXA XL (2017: 1.2%). Investors are advised to read the Circular and the Prospectus carefully. 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. Catlin is a Bermuda company and is therefore not subject to the United Kingdom Takeover Code (the "Code"). Helping Insurance Defense Law Firms Get on Insurance Panels. Catlin shareholders and persons considering the acquisition or disposal of any interest in Catlin shares are reminded that they are subject to the Disclosure and Transparency Rules made by the UK Listing Authority and other applicable regulatory rules regarding transactions in Catlin shares. You can disable them at any time. In September 2016, XL Catlin acquired Brooklyn Underwriting Pty Ltd, an Australian Sydney-based underwriter. Copies of the Prospectus, when published, will be available from XL's website at http://www.XLgroup.com. ", Catlin CEO Stephen Catlin said, "XL is a compelling partner for the Catlin business. 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. We won't set optional cookies unless you enable them. The integration planning team will be led by Myron Hendry, XL's Chief Platform Officer, with support from the extended leadership teams of XL and Catlin. Joined Convex in 2020. This represents a transaction equity value of approximately $4.1 billion dollars. XL Group plc and Bermuda-based Catlin Group have completed their merger, the companies announced today.Catlin delisted from the London Stock Exchange and ceased to be traded as of 8am London time.The $4.1 billion deal to combine the two companies is likely to cause some job losses in Bermuda, where both firms have offices, as XL has said it will strive to achieve $200 million … AXA target industries within the insurance sector include: aviation and aerospace, construction design, consumer goods, energy, financial, food and drink, transportation, healthcare and life sciences, industrial materials, IT and telecom, marine, professional liability, public sector education, and real estate. ... XL Group’s acquisition of Catlin in 2015. The conference call can be accessed through a listen-only dial-in number or through a live webcast. 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. Given the complementary nature of the product lines brought together by AXA and XL Catlin, there may not be much impact on the XL Catlin panel in the near term. XL does not make any representations regarding the accuracy, completeness or timeliness of such third party information. XL CEO Mike McGavick commented: "We are delighted to announce this compelling combination which positions us strongly to provide more - and even better - answers for the world's most complex risks while enhancing our opportunities to create value for shareholders and better serve clients and brokers. The transaction represents a premium of 23.5% to Catlin's closing share price as of December 16, 2014 the date prior to each company having publicly confirmed discussions regarding a transaction. The transaction is expected to create an attractive return profile with earnings per share and return on equity accretion in 2016, the first full year of combined operation, and double-digit earnings per share accretion in 2017 upon full phase-in of expected synergies. Catlin's website contains the form of disclosure requested. Actual results may differ materially from those included in such forward-looking statements and therefore you should not place undue reliance on them. Additionally, the acquisition of Catlin by XL (the "Acquisition") is subject to risks and uncertainties, including:  (i) XL and Catlin may be unable to complete the Acquisition because, among other reasons, conditions to the completion of the Acquisition may not be satisfied or waived, including the failure to obtain required regulatory approvals, or the other party may be entitled to terminate the Acquisition; (ii) receipt of regulatory approvals required by the Acquisition may be subject to conditions, limitations and restrictions that could negatively impact the business and operations of the combined company; (iii) uncertainty as to the timing of completion of the Acquisition; (iv) the ability to obtain approval of the Acquisition by Catlin shareholders; (v) uncertainty as to the actual premium (if any) that will be realized by Catlin shareholders in connection with the Acquisition; (vi) uncertainty as to the long-term value of XL ordinary shares to be issued to Catlin shareholders in connection with the Acquisition; (vii) inability to retain key personnel of Catlin or XL during the pendency of the Acquisition or after completion of the Acquisition; (viii) failure to realize the potential synergies from the Acquisition, including as a result of the failure, difficulty or delay in integrating Catlin's businesses into XL; (ix) the ability of Catlin's board of directors to withdraw its recommendation of the Acquisition; and (x) the outcome of any legal proceedings to the extent initiated against XL, Catlin and others relating to the Acquisition, as well as XL and Catlin's management's responses to any of the aforementioned factors. Catlin Group CEO Stephen Catlin and XL Group CEO Mike McGavick. We will benefit enormously from Stephen's input in all strategic decisions and through our ability to leverage his vast market network as we implement the strategy of the new combined company. Sep 12, 2018. published at 2:50 PM CEST. XL expects to issue approximately $1.8 billion of new XL shares in connection with the acquisition. Thomas Buberl is the Chief Executive Officer of parent company AXA. The merger will increase distribution through Catlin’s Lloyd’s platform and give the group a … 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. Morgan Stanley and Goldman Sachs served as financial advisors to XL, and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor. AXA XL is the name of the new Property & Casualty and specialty risk division of AXA. 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 Layoff News for Allstate Panel Counsel Members, News Items for Chubb Panel Counsel Members. If your insurance defense law firm is asking how you can get on more insurance panels, give us a call. XL Group plc (NYSE: XL) today announced that it has entered into an agreement under which XL will offer to acquire all of the capital stock of Catlin Group Limited (LSE: CGL) to form a combined business which is expected to have a leading presence in the global specialty insurance and reinsurance markets. Statements that are not historical facts, including statements about XL's or Catlin's beliefs, plans or expectations, are forward-looking statements. As a result, XL Catlin will be better equipped to serve its clients across a range of distribution channels and geographies with an enhanced suite of capabilities and products.". XL Group P.L.C. 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]. AXA announced today that it has entered into an agreement to acquire 100% of XL Group Ltd (NYSE: XL), a leading global Property & Casualty commercial lines insurer and reinsurer with strong presence in North America, Europe, Lloyd's and Asia-Pacific. XL Catlin | 79,171 followers on LinkedIn. Plans for the acquisition were first announced in March, 2018. 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. XL 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 255,178,939 ordinary shares in issue and admitted to trading on the New York Stock Exchange under ISIN reference IE00B5LRLL25. Accordingly, shareholders of Catlin and others dealing in Catlin shares are not obliged to disclose any of their dealings under the provisions of the Code. LONDON and NEW YORK , April 25, 2017 /PRNewswire/ -- XL Catlin has expanded its suite of Mergers & Acquisitions (M&A) insurance products aimed at supporting deals in the global transactional risk market, and has further strengthened its global team with three key hires. We’ve helped more than 180 insurance defense law firms in 39 states with panel counsel marketing campaigns involving Employment Practices Liability, Professional or Premises Liability, Auto, Trucking, Medical Malpractice, Construction Defects and more. AXA XL helps you take your business further. 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". I am especially pleased that Stephen Catlin will continue on with the combined company and, on closing of the acquisition, is expected to serve on our Board. AXA XL, as a controller, uses cookies to provide its service, improve user experience, measure audience engagement, and interact with users’ social network accounts. 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. 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. 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. XL Group plc (NYSE:XL), through its subsidiaries, 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. Catlin shares are traded on the London Stock Exchange (ticker symbol: CGL). 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. Accordingly, investors should not subscribe for, or purchase, any securities referred to in this document except on the basis of the information to be contained in the Prospectus, when published, which will be prepared in accordance with the Prospectus Directive. Services are designed to protect against the risks faced by organizers, performers, producers, support trades, as well as film and television productions, and live performances. The division reflects the combined resources of XL Insurance, XL Reinsurance, AXA Corporate Solutions, AXA Matrix, and XL Art & Lifestyle. In addition, Catlin shareholders will receive a 22p final dividend to be paid in Q1 2015. The new XL Catlin will become the eighth-largest reinsurer, up from 13th for XL and 19th for Catlin. 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. We have helped more than 150 insurance defense law firms pursue new insurance panel counsel clients. Neither the contents of XL's website, nor the contents of any other website accessible from hyperlinks on such website, is incorporated herein or forms part of this document. With $17B of total capital and approximately $10B of net premium, based on the December 31, 2013 audited financials of each company, the combined company will achieve significant scale within its core competencies of global specialty insurance and reinsurance. Connect with Margaret Grisdela on LinkedIn. Property and casualty services include: construction, environmental, commercial auto, excess and surplus, life sciences, workers’ compensation, and healthcare. Of course, time will tell. XL Catlin Acquired by AXA. The acquisition, which closed September 12,  places the newly combined firm in the #1 global position for P&C lines, according to company reports. 1. 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. AXA XL is a leading provider of P&C global commercial insurance offering insurance and reinsurance to enterprises of every kind and size. Professional liability products include: employment practices liability (EPLI), financial services, architects and engineers (A&E), pension fiduciary liability, wage and hour liability, cyber insurance, Directors & Officers (D&O), errors & omissions (E&O – lawyers, accountants, public entities, insurance agents, real estate agents), construction, and environmental. AXA today announced that it has completed the acquisition of XL Group Ltd, a leading global Property & Casualty commercial lines insurer and reinsurer with strong presence in North America, Lloyd’s, Europe, and Asia-Pacific.

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