XL Capital Ltd announced from its Bermuda headquarters that ordinary shareholders have approved changing the parent holding company’s place of incorporation from the Cayman Islands to Ireland, following a special shareholders meeting. They also approved renaming the company from its current appellation to “XL Group”. The name change is expected to be made in July 2010.
XL also said it “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.”
CEO Mike McGavick stated: “We are grateful to our shareholders for supporting this initiative. 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 on Friday, April 30, 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 will release its first quarter results on Tuesday May, 4
Source: XL Capital Ltd,
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