XL Capital Ltd Shareholders Approve Redomestication to Ireland From the Cayman IslandsBy Xl Capital Ltd, PRNE
Thursday, April 29, 2010
Shareholders also approve renaming the company XL Group
HAMILTON, Bermuda, April 30, 2010 - XL Capital Ltd (NYSE: XL) ("XL" or the "Company") announced that at a
special shareholder meeting held today its ordinary shareholders approved
changing the parent holding company's place of incorporation from the Cayman
Islands to Ireland. XL shareholders also approved, among other proposals, the
renaming of the Company from "XL Capital" to "XL Group". The name change is
expected to be made in July 2010.
XL expects to complete the redomestication on or about July 1, 2010,
assuming the transaction is approved by the Grand Court of the Cayman Islands
at a hearing currently scheduled for May 20, 2010, and that other conditions
to the redomestication are satisfied.
"We are grateful to our shareholders for supporting this initiative,"
said XL's Chief Executive Officer, Mike McGavick. "We believe that our
redomestication to Ireland will offer us opportunities to reduce certain
risks and reinforce our reputation across our global business platforms. We
look forward to the successful completion of this initiative this summer."
Separately, the Company announced that at its regularly scheduled Annual
General Meeting, which was also held today, its shareholders approved all
proposals presented to them, including the election of three Directors
(Joseph Mauriello, Eugene M. McQuade and Clayton S. Rose) and the
ratification of PricewaterhouseCoopers LLC as the Company's auditors for the
year ending December 31, 2010.
The Company also announced that its Board of Directors today declared a
quarterly dividend of $0.10 per ordinary share payable on the Company's
ordinary shares. The dividend will be payable on June 30, 2010 to ordinary
shareholders of record as of June 15, 2010.
In addition, the Board of Directors today declared a semi-annual dividend
of $0.76275 per share on the Company's Series C cumulative preference
ordinary shares. The dividend will be paid on July 15, 2010 to all Series C
cumulative preference ordinary shareholders of record as of July 14, 2010.
XL Capital Ltd, through its subsidiaries, is a global insurance and
reinsurance company providing property, casualty, and specialty products to
industrial, commercial and professional firms, insurance companies and other
enterprises on a worldwide basis. More information about XL Capital Ltd is
available at www.xlcapital.com.
This press release contains forward-looking statements. Statements that
are not historical facts, including statements about XL's beliefs, plans or
expectations, are forward-looking statements. These statements are based on
current plans, estimates and expectations, all of which involve risk and
uncertainty. Statements that include the words "expect," "intend," "plan,"
"believe," "project," "anticipate," "will," "may" and similar statements of a
future or forward-looking nature identify forward-looking statements. Actual
results may differ materially from those included in such forward-looking
statements and therefore you should not place undue reliance on them. A
non-exclusive list of the important factors that could cause actual results
to differ materially from those in such forward-looking statements includes
(a) XL's ability to obtain approval of the Grand Court of the Cayman Islands
for, and to satisfy the other conditions to, the redomestication within the
expected time frame or at all; (b) XL's ability to realize the expected
benefits from the redomestication; (c) the occurrence of difficulties in
connection with the redomestication; (d) any unanticipated costs in
connection with the redomestication; (e) changes in tax laws, tax treaties or
tax regulations or the interpretation or enforcement thereof by the tax
authorities in Ireland, the United States and other jurisdictions following
the redomestication; and (f) the other factors set forth in XL's reports on
Form 10-K, Form 10-Q and other documents on file with the SEC (including the
proxy statement filed with the SEC in connection with the redomestication).
XL undertakes no obligation to update or revise publicly any forward-looking
statement, whether as a result of new information, future developments or
Contact: David Radulski Carol Parker Trott Investor Relations Media Relations +1-441-294-7460 +1-441-294-7290
David Radulski, Investor Relations, +1-441-294-7460, or Carol Parker Trott, Media Relations, +1-441-294-7290, both of XL Capital Ltd
Tags: April 30, Bermuda, Hamilton, ireland, Xl Capital Ltd