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Friday, January 9, 2015

BRIEF-U.S.-listed XL Group says to purchase insurer Catlin, (NYSE: XL)

Xl Group Plc * Recommended acquisition of Catlin Group Limited by XL Group Plc* Is intended that acquisition will be effected by means of a two-step, integrated process comprising a scheme of arrangement under section 99 of Bermuda Companies Act* Total value receivable by Catlin shareholders comprises: for each Catlin share 388 pence in cash and 0.130 new XL share* Plus expected 2014 final dividend payable by Catlin of 22 pence in cash to Catlin shareholders

XL Group plc, through its subsidiaries, is a global insurance and reinsurance company engaged in providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises on a worldwide basis. Shares of XL traded higher by 1.64% or $0.57/share to $35.42. In the past year, the shares have traded as low as $27.79 and as high as $36.35. On average, 2402810 shares of XL exchange hands on a given day and today's volume is recorded at 2948089.