XL Group Ltd is a global insurance and reinsurance company headquartered in Hamilton, Bermuda with executive offices in Stamford, Connecticut. The company has more than 100 offices on 6 continents. The company is ranked 738th on the Forbes Global 2000 list of the largest public companies in the world.
In 2016, the company wrote $13.890 billion in gross premiums, of which 69% was insurance, 29% was reinsurance, and 2% was other. Of the company's gross insurance premiums, 19% was for professional liability insurance, 32% was for casualty insurance, 25% was to the energy sector, and 24% was for specialty insurance such as pollution insurance, aviation and satellite, marine, product recall, political risks, equine, and fine art insurance.
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History
In 1998, the company was formed by the merger of EXEL Limited and Mid Ocean Limited.
In 1999, the company founded Syncora, formerly known as Security Capital Assurance, a provider of bond insurance. Syncora became a public company via a corporate spin-off and initial public offering in July 2006. In 2008, during the financial crisis of 2007-2008, to sever ties with Syncora, the company injected $2.5 billion into Syncora, which had stopped writing new business.
In June 1999, the company acquired NAC Re Corp.
In February 2001, the company acquired Winterthur International, an international property and casualty insurance unit that serves large businesses, from Credit Suisse for $600 million.
In September 2003, the company acquired Le Mans Re, an insurer based in France.
In June 2007, the company opened an office in Houston, Texas to focus on the energy sector.
In March 2008, Mike McGavick was named chief executive officer of the company succeeding Brian O'Hara.
In July 2010, the company changed its name from XL Group to XL Capital and moved its domicile from the Cayman Islands to Ireland.
In April 2015, the company announced the introduction of a new venture capital fund called XL Innovate for technology products in the financial services sector.
In May 2015, the company acquired Catlin Group for $4.1 billion in cash and stock.
In July 2016, the company moved its domicile from Ireland to Bermuda.
In September 2016, the company acquired Brooklyn Underwriting, an underwriter based in Australia.
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References
External links
Source of article : Wikipedia
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