Protection Purchased on XL Group (XL)

Shares of XL Group plc XL ended the session higher by 0.29%, trading at $17.45. The stock has been trading largely lower over the past three months and is in a technical downtrend. The stock is now sitting at the technical sell signal. Options traders were echoing that bearish tone today by buying puts. The August $18 put was purchased 1,050 times, on the offer, on open interest of 324 contracts and the October $18.00 put was purchased 1,000 times, on the offer, on open interest of 1,866 contracts. Put volume was running at 3x the daily average. XL Group plc, formerly XL Capital Ltd., through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises on a worldwide basis. The Company operates through three segments: Insurance, Reinsurance and Life Operations.