Global insurance firm XL Group has completed the acquisition Bermuda-based Catlin Group, for around $4.1bn.
Under the deal, XL has acquired Catlin’s common shares for consideration of 388p in cash and 0.130 share of XL for each Catlin common share.
The deal also allows Catlin shareholders to receive a 22p final dividend in Q1 2015.
Both the firms have officially joined operations and introduced a new brand, XL Catlin. The new brand operates under XL Group, covering its insurance and reinsurance operations.
The new brand will offer different insurance products, including property, casualty, professional, financial lines and specialty insurance across the globe, while its reinsurance products include aerospace, property, casualty, marine and specialty.
XL Catlin CEO Mike McGavick said: "We believe that the specialty and complex risk (re)insurance space is where the greatest opportunities exist for a (re)insurance company like XL Catlin to make the greatest impact.
"As risks are changing very fast and innovation becomes the most important skill, our new brand reflects our aspiration and what we believe is the real opportunity for XL Catlin to truly break new ground in our sector."
XL Group, through its subsidiaries, provides property, casualty and specialty products to industrial, commercial and professional firms, insurance companies, and other enterprises around the world.
Image: New XL Catlin brands will involve in insurance and reinsurance operations. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.