XL Group plc last night priced a $600 million debt offering.

The Ireland-based global business insurer, with substantial operations in Bermuda, said its wholly-owned subsidiary, XLIT Ltd (XL-Cayman), has priced a public offering of $300 million aggregate principal amount of 2.3 percent senior notes due 2018 and $300 million aggregate principal amount of 5.25 percent senior notes due 2043, both fully and unconditionally guaranteed by XL.

In a statement XL added that XL-Cayman expects to receive net proceeds from this offering of approximately $592.95 million, after deducting underwriting discounts and estimated offering expenses. XL-Cayman intends to use the net proceeds from the sale of the senior notes for the repayment at maturity of the outstanding $600 million principal amount of its 5.25 percent senior notes due September 2014.

The joint book-running managers for the offering are Barclays Capital Inc, Deutsche Bank Securities Inc and JP Morgan Securities LLC.