Bermuda insurer XL Capital becomes Irish XL Group

Bermuda-based insurer XL Capital is to move from the Cayman Islands to Ireland and will be called XL Group.

chief executive officer, 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 impact 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.

New name

The new “XL Group” name is desirable to reflect our exclusive focus on providing property, casualty and specialty insurance and reinsurance products for our customers’ complex risks.”

XL expects to complete the transaction on 1 July 2010.