Solvency II key in XL Group redomesticating to Bermuda

Following an announcement made in February this year, XL Group confirmed yesterday the completion of its redomestication to change the parent holding company’s place of incorporation to Bermuda from Ireland.

The scheme of arrangement was approved by XL Catlin’s ordinary shareholders last June, while the remaining regulatory approvals, satisfaction of other conditions and sanctioning by the High Court of Ireland – before which a hearing was held last week-, followed.

Back when the announcement was made, XL Catlin’s chief executive Michael S. McGavick said: “Establishing our corporate home in Bermuda is a natural step for XL. XL has had a presence in Bermuda since 1986, which grew significantly following the transformative transaction with Bermuda-based Catlin last year.”

He added: “Following the Catlin transaction, and with the recent determination of full Solvency II equivalence for Bermuda, it has been concluded that the BMA is best situated to serve as XL’s group-wide supervisor and to approve XL’s internal capital model. This is a change that we believe will benefit XL’s clients, partners, and shareholders alike.”