EXEL Limited was formed in 1986 in the Cayman Islands by 68 Fortune 500 companies following the financial crisis of the early 1980s. Also in 1986, XL Insurance (Bermuda) Ltd. was incorporated in Barbados. In 1990 both EXEL Limited and Mid Ocean Limited changed domicile to Bermuda. In 1998, EXEL Limited merged with Mid Ocean Limited, In 2008, during the
2008 financial crisis, to sever ties with Syncora, the company injected $2.5 billion into Syncora, which had stopped writing new business. In March 2008,
Mike McGavick was named chief executive officer of the company succeeding Brian O’Hara. As announces 12 January 2010, on 1 July 2010, XL Capital Ltd. (
Cayman Islands) changed its name and domicile to XL Group plc (
Ireland). In April 2015, the company introduced a new venture capital fund called XL Innovate for technology products in the financial services sector. In May 2015, the company completed acquisition of Catlin Group for $4.1 billion in cash and stock. In July 2016, the company changed its domicile from Ireland to
Bermuda and its name changed from XL Group plc to XL Group Ltd. In September 2016, XL Catlin acquired Brooklyn Underwriting Pty. Ltd., an
Australian Sydney-based underwriter. Brooklyn became the trading name in Australia of Catlin Australia Pty Limited. In July 2017, Brooklyn opened branches in Melbourne and Brisbane, and moved its Sydney headquarters into XL Catlin Sydney offices. In September 2017, the company moved its European headquarters from the
United Kingdom to
Dublin as a result of
Brexit. In September 2018,
Axa acquired XL Group and renamed the division Axa XL. ==See also==