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XL launches $1bn share buy-back

XL Catlin: returning more capital to shareholders

Insurance and reinsurance giant XL Catlin is to launch a $1 billion share buy-back programme and raise its dividend by 25 per cent.

The new scheme replaces a previous programme, which had around $97.6 million remaining.

The company said the share acquisitions will come from both the open market and private transactions and be financed from cash reserves.

The firm also announced it will pay a quarterly dividend of 20 cents per ordinary share — up from the previous 16-cent payout.

RenaissanceRe also announced a quarterly dividend of 30 cents per share and an increase in its share buy-back programme, which brings the total authorisation to $500 million.