Bermuda-based reinsurer XL Group has bought a 20% stake in Mahindra Insurance Brokers (MIBL), valuing the company at Rs.1,300 cr. MIBL, is a subsidiary of Mahindra & Mahindra Financial Services and a licensed composite broker (insurance and reinsurance) with a 13-year track record. The XL Group will be purchasing stake from LeapFrog Financial Inclusion Fund — an existing shareholder.