Redomestication is 'in best interests' of company, says McGavick

XL is planning to redomicile from its present base in the Cayman Islands to Ireland. The move will create a new Irish public limited company, called XL Group plc, which would replace XL Capital Ltd.

XL expects to submit the proposal for redomestication, along with related proposals, to its shareholders in the next several months and complete the transaction on 1 July.

Chief executive Michael McGavick said: “We believe that changing XL’s place of incorporation from the Caymans to Ireland is in the best interests of XL and our shareholders.

“Among other benefits, we believe the proposed move will reduce certain risks that may affect us and offer us the opportunity to reinforce our reputation, which is one of our key assets, and to better support our global business platforms.”