DUBLIN, Ireland, Feb. 21, 2014 /PRNewswire/ -- XL Group plc ("XL" or the "Company") (NYSE: XL) announced today that the Board of Directors of the Company (the "Board") increased the Company's share buyback program, authorizing the Company to buy back up to $1 billion of its ordinary shares. This includes approximately $200 million of ordinary shares that remained available for purchase under the program.
The Company expects the purchases to be made from time to time in the open market or in privately negotiated transactions, and that such purchases are expected to be funded from cash on hand. The timing, form and amount of the share buybacks under the program will depend on a variety of factors, including market conditions, legal requirements and other factors. The buyback program may be modified, extended or terminated by the Board at any time. All share buybacks will be carried out by way of redemption in accordance with Irish law and the Company's constitutional documents. All shares so redeemed will be canceled upon redemption.
The Company also announced today that the Board declared a quarterly dividend on February 20, 2014 of $0.16 per ordinary share payable on the Company's ordinary shares. This action increases the quarterly dividend to $0.16 per ordinary share from $0.14 per ordinary share. The dividend will be payable on March 31, 2014 to ordinary shareholders of record as of March 14, 2014.
The Company further announced today that the Board of Directors of its wholly-owned subsidiary, XLIT Ltd., resolved on February 20, 2014 to pay (a) a dividend of $8.3946 per share on XLIT Ltd.'s Series D Preference Ordinary Shares, which dividend will be paid on April 15, 2014 to all shareholders of record as of April 1, 2014, and (b) a dividend of $32.50 per share on XLIT Ltd.'s Series E Preference Ordinary Shares, which dividend will be paid on April 15, 2014 to all shareholders of record as of April 1, 2014.About XL Group plc XL Group plc, through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit www.xlgroup.com This press release contains forward-looking statements. Such statements involve inherent risks and uncertainties. Statements that are not historical facts, including statements about XL's beliefs or expectations, are forward-looking statements. These statements are based on current plans, estimates and expectations, all of which involve risk and uncertainty. Actual results may differ materially from those projected in such forward-looking statements and therefore you should not place undue reliance on them. A non-exclusive list of the important factors that could cause actual events or results to differ materially from those in such forward-looking statements is set forth in XL's most recent annual report on Form 10-K, quarterly report on Form 10-Q and XL's other documents on file with the Securities and Exchange Commission. XL undertakes no obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future developments or otherwise. SOURCE XL Group plc