Item 1.01 Entry into a Material Definitive Agreement.

On December 9, 2011, XL Group plc, an Irish public limited company (the “Company”), together with its wholly-owned subsidiaries that are named below (together with the Company, the “Account Parties”), entered into (a) a new secured credit agreement (the “New Secured Credit Agreement”) and (b) a new unsecured credit agreement (the “New Unsecured Credit Agreement” and together with the New Secured Credit Agreement, the “New Credit Agreements”).

In connection with the New Credit Agreements, the Company’s existing credit agreement dated as of June 21, 2007 (the “2007 Credit Agreement”) was terminated. The Company’s existing secured credit agreement dated as of March 25, 2011 (the “March 2011 Credit Agreement”) continues in force, but was amended (the “Amendment”) to conform certain of its terms to those of the New Secured Credit Agreement.

The 2007 Credit Agreement had provided for letters of credit and for revolving credit loans of up to $750,000,000 with the aggregate amount of outstanding letters of credit and revolving credit loans thereunder not to exceed $3,000,000,000. At the time at which it was terminated and the New Credit Agreements became effective, there were no outstanding revolving credit loans under the 2007 Credit Agreement. A portion of the letters of credit outstanding under the 2007 Credit Agreement at the time of its termination were continued under the March 2011 Credit Agreement and the remainder were continued under the New Credit Agreements.

The New Secured Credit Agreement provides for issuance of letters of credit up to $650,000,000. The New Unsecured Credit Agreement is a $1,350,000,000 facility that provides for issuance of letters of credit and up to $1,000,000,000 of revolving credit loans. The Company has the option to increase the maximum amount of letters of credit available by an additional $500,000,000 across the facilities under the New Credit Agreements.

Interest and fees payable under the New Credit Agreements are determined pursuant to the terms set forth in each respective agreement. The commitments under each New Credit Agreement commenced on December 9, 2011 and expire on the earlier of (i) December 9, 2015 and (ii) the date of termination in whole of the commitments upon an optional termination or reduction of the commitments by the Account Parties or upon an event of default. The availability of letters of credit under the Secured Credit Agreement is subject to a borrowing base requirement, determined on the basis of specified percentages of the face value of eligible categories of assets varying by type of collateral.

The Company’s wholly-owned subsidiaries that are Account Parties (i.e., parties to the New Credit Agreements) are: (a) XLIT Ltd., an exempted company incorporated in the Cayman Islands with limited liability (formerly XL Group Ltd.) (“XLIT”), (b) X.L. America, Inc., a Delaware corporation (“XLA”), XL Insurance (Bermuda) Ltd, a Bermuda limited liability company (“XLIB”), (c) XL Re Ltd, a Bermuda limited liability company (“XLRe”), (d) XL Insurance Company Limited, a limited company domiciled in the United Kingdom (“XLICL”), (e) XL Insurance Switzerland Ltd, a company limited by shares organized under the laws of Switzerland (“XLIS”), (f) XL Re Europe, an Irish limited liability company (“XLRe Europe”), and (g) XL Life Ltd, a Bermuda company (“XLL”).