Deal benefits made XL dilution 'tolerable': McGavick

XL Group CEO Mike McGavick said the double-digit dilution in
tangible book value that will follow its $4.2bn acquisition of
Catlin was very carefully considered before the board proceeded
with the deal.
"Compelling financials plus a compelling strategy made that
dilution tolerable to us," McGavick told The
Insurance Insider after the transaction was
announced.
XL is trading at 0.94x book value on a trailing basis and is
acquiring Catlin for around 1.6x its half-year tangible book value