XL Group plc may have already closed an M&A deal with rival Catlin, according to international media reports.

XL CEO Mike McGavick acknowledged on Dec. 17 that talks were underway, with a possible purchase price for Catlin reportedly surpassing $3.9 billion. The Sunday Times in the U.K. reported on Dec. 21 that a deal was sealed over the weekend. The Telegraph cited the same report, adding that the reported purchase price matched initial reports.

As of Dec. 22, neither company made mention of sealing their merger agreement on their respective web sites. The Telegraph, citing sources, said a formal announcement will come at the New Year.

McGavick has said that a merger deal would benefit both XL Group and Catlin, creating bigger scale to compete in the global specialty and property cat markets. What’s more, he said, a combination would create a “top 10 player” in the reinsurance market, which has been battered for years by new sources of capital and heavy competition.

On their own, both companies are global property/casualty carriers in their own right. Stephen Catlin launched Catlin in 1984, and built it into the biggest syndicate at Lloyds with a presence on four continents.