XL Capital to Spin Off Parts of Subsidiaries

Meyers, Maxwell
April 2006
Bond Buyer;4/10/2006, Vol. 356 Issue 32357, p1
Trade Publication
The article reports on the creation of a new entity called Security Capital Assurance Ltd. by Bermuda-based XL Capital Ltd. The move is in line with the company's move to diversify its triple-A rated financial guaranty insurance and reinsurance subsidiaries. XL will sell the new company to the public at 35 percent and will own the remaining 65 percent. It will hold the majority ownership but will not retain majority voting rights on issues of shareholder matters as dividends or stock splits.


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