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Insurer XL Group to buy Britain's Catlin for £2.79bn

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Snow falls over a flooded River Erne in Belturbet, Co Cavan
Pic: Edel Kennedy

Snow falls over a flooded River Erne in Belturbet, Co Cavan Pic: Edel Kennedy

Snow falls over a flooded River Erne in Belturbet, Co Cavan Pic: Edel Kennedy

Dublin-based insurer XL Group will pay about £2.79bn for Catlin Group Ltd, operator of the biggest syndicate in the Lloyd's of London insurance market.

Catlin, which provides insurance for everything from flooding to kidnapping, would pay investors a 22 pence final dividend, the companies said in a joint statement.

The British underwriter had said in December that it would not pay a final dividend when it announced an approach worth 2.53 billion pounds from XL Group.

Reuters