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Friday, January 9, 2015

Insurer XL Group to purchase Britain's Catlin for 2.79 billion stg, (NYSE: XL)

Bermuda-based insurer XL Group Plc will pay about 2.79 billion pounds ($4.22 billion) for Catlin Group Ltd, operator of the biggest syndicate in the Lloyd's of London insurance market. Catlin, which provides insurance for everything from flooding to kidnapping, would pay investors a 22 pence final dividend, the companies said in a joint statement.

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.