XL Catlin

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XL Catlin
Public
Traded as NYSEXL
S&P 500 Component
Industry Property & Casualty Insurance
Founded 1986
Headquarters Dublin, Ireland
Key people
Michael S. McGavick, CEO
Revenue

Selected 2014 Financial Data as at 31 December 2014

Total Assets $45.0 billion
Total Shareholders’ Equity $11.4 billion
Total Revenues $6.6 billion
Attributable to Ordinary Shareholders

$188.3 million net income[1]
Number of employees
Approximately 7000[2]
Website http://www.xlcatlin.com

XL Catlin (previously known as XL Group) is a global insurance company headquartered in Ireland with executive offices in Hamilton, Bermuda and Stamford, Connecticut, USA.[3][4] The company has approximately 7000 employees and about 60 offices in Africa, Asia, Australia, Europe, North America and South America. Formerly XL Capital Ltd, the company officially changed its name and domicile on 1 July 2010.[5]

On January 9, 2015, XL Group plc announced the acquisition of Catlin Group. The transaction was completed in May 2015.

Business[edit]

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.

Its Insurance segment provides commercial property, casualty, professional liability, environmental liability, aviation and satellite, marine, product recall, political risks, equine, fine art and specie, surplus lines and other coverages. The Reinsurance segment provides casualty, property risk (including energy and engineering), property catastrophe, marine, aviation, and other specialty reinsurance globally.[6][7] In April 2015, XL Group announced the introduction of a new venture capital fund called XL Innovate for technology products in the financial services sector.[8][9]

History[edit]

The company began as "EXEL Limited".[10] Ian Heap was appointed the company’s first CEO in 1987, followed by Michael Kevany in 1989 serving until 1994. Brian O’Hara became XL’s third CEO in 1994, serving in that position until 2008. Current CEO Mike McGavick stepped into the position in May 2008.[11][12]

In January 2015, it was announced that XL would acquire Catlin Group for $4.1 billion.[13]

References[edit]

  1. ^ XL Catlin Fact Sheet 
  2. ^ XL Catlin Fact Sheet 
  3. ^ "XL Group Expands Political Risk Team in New York". Insurance Journal. 8 May 2013. 
  4. ^ Mark A. Hofmann (1 July 2010). "XL Group completes redomestication to Ireland". Business Insurance Magazine. 
  5. ^ Wallace Witkowski (30 April 2010). "XL Capital to change name, place of incorporation". MarketWatch. 
  6. ^ "XL Group PLC". Reuters. Retrieved 28 April 2013. 
  7. ^ Robert Regis Hyle (17 May 2013). "Streamlining the Claims Process at XL Group". PropertyCasualty360.com. 
  8. ^ Chase, Hughes. "XL Group launches new Insurance Focused Venture Capital Fund". Pro Business Plans. Retrieved 3 April 2015. 
  9. ^ Hainey, Raymond (April 2, 2015). "XL launches new fintech venture capital firm". The Royal Gazette. Retrieved July 26, 2015. 
  10. ^ "EXEL Limited Announces Formation of X.L. Insurance Company of America". PropertyandCasualty.com. 1 April 1998. 
  11. ^ "XL XL Group Posts $81.4 Million Q4 Net Income; $651.1 Million Full Year". Insurance Journal. 8 February 2013. 
  12. ^ Douglas Mcleod (28 October 2007). "XL to search for new chief as O'Hara retires". Business Insurance Magazine. 
  13. ^ "XL Group plc Announces Acquisition of Catlin Group Limited". XL Group. 9 January 2015. 

External links[edit]