XL Group Announces $1 Billion Share Buyback Program

XL Group plc XL revealed its Board of Directors has given their approval for a fresh share buyback program of a maximum of $1 billion worth of its ordinary shares. According to the company, the earlier share repurchase program, which had about $204.1 million remaining, was terminated.

XL Group said it expects the purchases to be made from time to time in the open market or through privately negotiated transactions. The company said such purchases were expected to be funded from its cash on hand. However, it indicated that the timing, form and amount of the share buybacks under the program depended on a number of factors. That included market conditions, legal requirements and other factors.

The company also clarified the buyback program may be modified, extended or terminated by its Board at any time. All share buybacks would be carried out by way of redemption in line with Irish law and its constitutional documents.

Aside from that, XL Group also disclosed that its board declared a quarterly dividend of $0.20 per ordinary share payable on its ordinary shares. The dividend would be payable on June 30, 2016 to ordinary shareholders and the record date of June 15 was fixed to determine the eligible shareholders.