(Bloomberg) -- XL Group Plc agreed to purchase Catlin Group Ltd., a Lloyd’s of London company, for about 2.8 billion pounds ($4.2 billion) as the property-casualty insurer expands in specialized commercial coverage.

XL said it will pay 388 pence in cash and 0.13 of its own shares for each Catlin share, valuing Catlin at 715.3 pence a share based on yesterday’s closing prices, according to a statement today. Catlin, based in Bermuda, announced on Dec. 17 that XL had made a tentative offer of about 2.5 billion pounds.

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