XL Group’s €500 Million Tier 2 Subordinated Note Offering

June 30, 2017

Cleary Gottlieb represented the underwriters, led by Barclays Bank PLC, Credit Suisse Securities (Europe) Limited, Goldman Sachs & Co. LLC and HSBC Bank plc, in connection with XLIT Ltd.’s offering of an aggregate of €500 million of fixed to floating rate subordinated notes due 2047, which was the first offering under Bermuda’s regulatory regime since it received Solvency II equivalence.

The notes are fully and unconditionally guaranteed by XL Group Ltd, which is XLIT’s parent company.

XL Group, through its subsidiaries and under the XL Catlin brand, 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.

The notes offering was the first for XL Group since the Bermuda Monetary Authority became its group supervisor following the completion of XL Group’s redomestication to Bermuda from Ireland in July 2016. The notes are expected to qualify as Tier 2 capital under Bermuda’s regulatory regime. The European Union granted “Solvency II” equivalence to Bermuda’s regulatory regime in February 2016. Solvency II is an EU directive that covers the supervision, capital adequacy and risk management of, and regulatory reporting for, EU-based insurers and reinsurers.