XL Capital makes redomestication proposal

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NEW YORK (AP) — International insurer XL Capital says it wants to change its place of incorporation to Ireland from the Cayman Islands.

The company says its name would be changed to XL Group PLC from XL Capital Ltd. Shareholders would receive one ordinary share of the Irish company for each share they currently own.

XL plans to ask shareholders to approve the change in the next several months and complete the transaction on July 1.

The proposal also needs the approval of the Grand Court of the Cayman Islands.

XL says it doesn’t expect the proposed redomestication to have any material impact on its financial results. It will continue to trade on the New York Stock Exchange under the “XL” ticker.