(Bloomberg) -- XL Group Plc, the Dublin-based insurer run by Chief Executive Officer Mike McGavick, is betting on Privilege Underwriters Reciprocal Exchange, which takes on risks for wealthy clients and received funding from KKR & Co. this year.

XL took a stake of less than 10 percent in the insurer’s parent, Privilege Underwriters Inc., and Stone Point Capital retains a majority holding, PURE Chief Executive Officer Ross Buchmueller said Wednesday in an interview, without disclosing terms. Stone Point, the private-equity firm led by former Goldman Sachs Group Inc. executives Stephen Friedman and Charles Davis, was an investor during the insurance company’s first capital raise in 2006.

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