XL completes Bermuda shift from Dublin - FREE

XL completes Bermuda shift from Dublin - FREE

XL Group announced today its parent company has shifted its location to Bermuda from Ireland.

The “redomestication” to change the place of incorporation means the name of the new holding company is XL Group Ltd.

Its shares will trade on the New York Stock Exchange under the ticker symbol “XL” and the insurer said it is expected to be included in the S&P 500 Index of shares. 

The move ends six years’ incorporation in Dublin, since its 2010 shift from the Cayman Islands.

The move to Bermuda was backed by XL’s shareholders in a meeting held in June.

XL Group chief executive Mike McGavick (pictured) said at the time: “Given, in particular, our long-standing and substantial operations in Bermuda that have been bolstered by the Catlin Group Ltd acquisition, and Bermuda's position within the international re/insurance market, including Bermuda's recent achievement of Solvency II equivalency, we believe a change in the country of domicile of our parent company to Bermuda will be advantageous to the company and its shareholders.”

Reactions reported the firm was considering its Bermuda move back in February.

The re/insurer said it has registered with the US Securities and Exchange Commission (SEC), making it subject to SEC reporting requirements applicable to domestic registrants.

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