In December 2007, the center was renamed when the arena's naming rights were sold to XL Group insurance company in a six-year agreement.

On March 21, 2007, the CRDA selected the Northland/Anschutz Entertainment Group proposal to operate the arena complex; Northland also developed the Hartford 21 residential tower on the adjacent Civic Center Mall site.

The agreement also stated that Northland would assume total responsibility for the building bearing the cost of any and all losses, and would retain any profits.

Starting in the late 1990s, UConn men's basketball moved most of their important games—including the bulk of their Big East Conference games—to the Coliseum.

The graduation ceremonies of Central Connecticut State University and other local colleges are also held annually at the XL Center.

An absence of peer review for the novel structure and design process, and fragmentation of oversight responsibility during construction were also cited as contributing factors.

After failed negotiations to build a new downtown arena for the Whalers with then-governor John G. Rowland, on March 25, 1997, Karmanos announced that the team would leave.

[13] The Connecticut State Legislature set aside $35 million in funding for improvements to the XL Center that began in early spring 2014 and completed in time for the start of the 2014–15 seasons of the Wolf Pack and UConn men's hockey in October.

A portion of the $35 million allocation went towards a study on the arena's long-term viability; either more major renovations or replacing it with a new facility.

[27] In September 2018, the UConn Board of Trustees approved a plan to build a new 2,500-seat arena in Storrs with the option to expand to 3,500 seats if necessary.