U.S. insurer XL Group is conducting due diligence on Catlin after an approach was confirmed last week.
The $2.5 billion cash-and-shares offer would create one of the 10 largest reinsurance companies in the world.
Talks are thought to have progressed to the point of discussing future management. The two companies declined to comment.
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The Daily Telegraph, p. 27
The Independent, p. 52
