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XL sells life reinsurance subsidiary to Bermudian start-up for $570mn cash

1 May 2014

XL Group has agreed a deal to sell its life reinsurance business to Bermudian start-up vehicle GreyCastle Holdings for $570mn in cash.

The subsidiary being sold, XL Life Reinsurance (SAC) Ltd (XLLR) will reinsure the majority of the Dublin-headquartered group's life reinsurance business through a 100 percent quota share.

The company said the deal will give it additional flexibility for capital management initiatives, adding that it expects to now buy back an additional $300mn of its shares in 2014 than...

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