XL Group (XL) Raises Quarterly Dividend 25% to $0.20; Approves $1B Ordinary Share Buyback

XL Group (NYSE: XL) declared a quarterly dividend of $0.20 per share, or $0.8 annualized. This is a 25% increase from the prior dividend of $0.16.

The dividend will be payable on September 30, 2015, to stockholders of record on September 15, 2015, with an ex-dividend date of September 11, 2015.

The annual yield on the dividend is 2.1 percent.

XL also that the Board of Directors of the Company (the "Board") approved a new share buyback program, authorizing the Company to buy back up to $1 billion of its ordinary shares. The previous share buyback program, which had approximately $97.6 million remaining, was canceled.

The Company expects the purchases to be made from time to time in the open market or in privately negotiated transactions, and that such purchases are expected to be funded from cash on hand. The timing, form and amount of the share buybacks under the program will depend on a variety of factors, including market conditions, legal requirements and other factors. The buyback program may be modified, extended or terminated by the Board at any time. All share buybacks will be carried out by way of redemption in accordance with Irish law and the Company's constitutional documents. All shares so redeemed will be canceled upon redemption.

For a dividend history and other dividend-related data on XL Group (XL) click here.

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