(Bloomberg) -- XL Group Plc agreed to purchase Catlin Group Ltd., a Lloyd’s of London company, for about 2.8 billion pounds ($4.2 billion) as the buyer expands in specialized commercial insurance.
XL said it will pay 388 pence in cash and 0.13 of its own shares for each Catlin share, valuing Catlin at 715.3 pence a share based on yesterday’s closing prices, according to a statement today. Catlin, based in Bermuda, announced on Dec. 17 that XL had made a tentative offer of about 2.5 billion pounds.
The deal would increase Dublin-based XL’s role in specialized lines, such as covering aviation and artwork, as Chief Executive Officer Mike McGavick focuses on commercial clients. Traditional insurers are working to diversify as hedge funds and other investors enter the market for weather-related risks.
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