XL and Catlin complete merger
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 in annual savings.
Starting from Monday, the new combined company will be marketed as XL Catlin and a global advertising campaign and new public website will be launched in time with the market introduction of the new XL Catlin name and brand on May 5, 2015.
As previously announced, Mike McGavick will continue as chief executive officer, while Stephen Catlin, the founder and CEO of Catlin, has joined XL as executive deputy chairman, also serving on the company’s board of directors.
The parent company will continue to be known as XL Group plc.
“After nearly two years of discussions, and several months of intense planning, we are extremely pleased to officially be one company,” Mr McGavick said.
“Starting today, we are a larger, stronger, more capable firm, with a leading presence in the global specialty insurance and reinsurance markets. Most importantly, with our combined talent and expertise we are now in an incredible position to better assist clients in solving the world’s most complex risks.”
Mr Catlin added: “After 30 years as CEO of Catlin, I’m excited to be taking this next step with XL. Without doubt, today is an exciting day for our new company, XL Catlin.
“With greater scale, capacity and an expanded platform of products and services, we look forward to creating increased value for our shareholders, clients, brokers, employees and partners.”
Another senior post in the new company will be taken by Greg Hendrick, previously chief executive of insurance operations at XL, who is now chief executive of reinsurance. Paul Brand, formerly Catlin’s chief underwriting officer, is chief underwriting officer for insurance and serves as chair of the Insurance Leadership Team. And Kelly Lyles, previously XL’s head of professional lines is now chief regional officer, insurance and deputy chair of the Insurance Leadership Team.