XL Capital Ltd announced that it has entered into a capital markets transaction to increase its capital resources and capacity to provide reinsurance financial statement credit to its U.S. property and casualty insurance operations. Through the transaction, XL obtained an unconditional right to put up to $500 million of its preference ordinary shares to a high quality asset-backed trust for a period of up to 30 years. The securities issued by the trust were rated “A-” by Standard and Poor’s Ratings Group and “A3” by Moody’s Investor Services, Inc. The transaction was privately placed.
Was this article valuable?
Here are more articles you may enjoy.
US House Bill Aims to End Private Flood Insurance Coverage Penalty 
UPS Ripped Off Seasonal Workers With Unfair Pay Practices, Lawsuit Alleges 
Court Awards $32 Million Over Premature Baby’s Death at Yale Hospital 
WTW to Acquire Newfront in Deal Worth Up to $1.3B 
