XL Group

XL Group plc.
Public
Traded as NYSE: XL
S&P 500 Component
Industry Property & Casualty Insurance
Founded 1986
Headquarters Dublin, Ireland
Key people
 Michael S. McGavick, CEO
Revenue

Selected 2012 Financial Data as at 31 December 2012

Total Assets $45.4 billion
Total Shareholders’ Equity $11.9 billion
Total Revenues $7.2 billion
Attributable to Ordinary Shareholders

$651.1 million net income[1]
Number of employees
 4000[2]
Website http://www.xlgroup.com
Footnotes / references
AM Best & Standard and Poor's rating A

XL Group plc (NYSE: XL) is a global insurance company headquartered in Ireland with executive offices in Hamilton, Bermuda and Stamford, Connecticut, USA.[3][4] The company has approximately 4000 employees and about 60 offices in Africa, Asia, Australia, Europe, North America and South America. Formerly XL Capital Ltd, the company officially changed its name and domicile on 1 July 2010.[5]

Business

XL Group is the global brand used by XL Group plc. The company is organize into two operating segments – Insurance and Reinsurance.[6]

Its Insurance segment provides commercial property, casualty, professional liability, environmental liability, aviation and satellite, marine, product recall, political risks, equine, fine art and specie, surplus lines and other coverages. The Reinsurance segment provides casualty, property risk (including energy and engineering), property catastrophe, marine, aviation, and other specialty reinsurance globally.[2][7][8] In April 2015, XL Group announced the introduction of a new venture capital fund called XL Innovate. The venture fund is targeting startups seeking to innovate the insurance industry.[9]

History

The company began as "EXEL Limited".[10] Ian Heap was appointed the company’s first CEO in 1987, followed by Michael Kevany in 1989 serving until 1994. Brian O’Hara became XL’s third CEO in 1994 serving in that position until 2008 when Mike McGavick stepped into the CEO position in May of that year.[1][11]

In January 2015, it was announced that XL would acquire Catlin Group for $4.1 billion.[12]

References

  1. ↑ 1.0 1.1 "XL XL Group Posts $81.4 Million Q4 Net Income; $651.1 Million Full Year". Insurance Journal. 8 February 2013.
  2. ↑ 2.0 2.1 "XL Hires Another ACE Executive for Its New York Team". Insurance Journal. 20 December 2011.
  3. ↑ "XL Group Expands Political Risk Team in New York". Insurance Journal. 8 May 2013.
  4. ↑ Mark A. Hofmann (1 July 2010). "XL Group completes redomestication to Ireland". Business Insurance Magazine.
  5. ↑ Wallace Witkowski (30 April 2010). "XL Capital to change name, place of incorporation". MarketWatch.
  6. ↑ Richard Henry Suttmeier (15 May 2013). "Play The Financials Rebound With This Irish Insurance Company". Forbes.
  7. ↑ "XL Group PLC". Reuters. Retrieved 28 April 2013.
  8. ↑ Robert Regis Hyle (17 May 2013). "Streamlining the Claims Process at XL Group". PropertyCasualty360.com.
  9. ↑ Chase, Hughes. "XL Group launches new Insurance Focused Venture Capital Fund". Pro Business Plans. Retrieved 3 April 2015.
  10. ↑ "EXEL Limited Announces Formation of X.L. Insurance Company of America". PropertyandCasualty.com. 1 April 1998.
  11. ↑ Douglas Mcleod (28 October 2007). "XL to search for new chief as O'Hara retires". Business Insurance Magazine.
  12. ↑ "XL Group plc Announces Acquisition of Catlin Group Limited". XL Group. 9 January 2015.

External links