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Bermuda Insurer XL Capital Ltd. said it had agreed to buy Greenwich, Conn.-based reinsurer NAC Re Corp. in a stock deal valued at more than $1 billion. The companies said they expect the merger to be completed by late in the second quarter or early in the third. Both boards of directors have voted unanimously in favor of the deal, which is subject to approval of stockholders and regulatory agencies.

Delta Air Lines announced agreement on terms of a deal to buy ASA Holdings Inc., the parent company of regional carrier Atlantic Southeast Airlines. The $700 million transaction calls for ASA's work force and salary/benefits structure to be kept separate, along with pilots' and flight attendants' union contracts. Delta, the third-largest US carrier, said the deal would have "no impact" on its own employment.

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