XL Group announced that the Board of Directors of the Company approved a new share buyback program, authorizing the Company to buy back up to $850 million of its ordinary shares. The previous share buyback program, which had $250 million remaining, was canceled. The Company expects the purchases to be made from time to time in the open market or in privately negotiated transactions, and that such purchases are expected to be funded from cash on hand.
The timing, form and amount of the share buybacks under the program will depend on a variety of factors, including market conditions, legal requirements and other factors. The buyback program may be modified, extended or terminated by the Board at any time. All share buybacks will be carried out by way of redemption in accordance with Irish law and the Company’s constitutional documents. All shares so redeemed will be canceled upon redemption.
The Company announced that the Board declared a quarterly dividend on February 21, 2013 of $0.14 per ordinary share payable on the Company’s ordinary shares. This action increases the quarterly dividend to $0.14 per ordinary share from $0.11 per ordinary share.
The dividend will be payable on April 1, 2013 to ordinary shareholders of record as of March 15, 2013.
The Company also announced that the Board of Directors of its wholly- owned subsidiary, XLIT Ltd., resolved to pay a dividend of $8.5575 per share on XLIT Ltd.’s Series D Preference Ordinary Shares, which dividend will be paid on April 15, 2013 to all shareholders of record as of April 1, 2013, and a dividend of $32.50 per share on XLIT Ltd.’s Series E Preference Ordinary Shares, which dividend will be paid on April 15, 2013 to all shareholders of record as of April 1, 2013.
