In addition, XL said that by mid-2003 it would change the names of the insurance carriers acquired in connection with the Winterthur International transaction, in accordance with the Sale and Purchase Agreement concluded between Winterthur Swiss Insurance Company and XL Insurance (Bermuda) Ltd in 2001. With immediate effect, XL Winterthur International Insurance Company Limited, which is based in the U.K., will change its name, and the names of its branch offices, to XL Insurance Company Limited. Similarly, XL Winterthur International Insurance Switzerland will change its name to XL Insurance Switzerland. As of the beginning of this year, XL changed the name of Winterthur International America Insurance Company to XL Insurance America, Inc. and Winterthur International America Underwriters Insurance Company to XL Select Insurance Company. The names of the remaining XLWI companies will be changed over the coming months.
Mr. Brian M. O'Hara, President and Chief Executive Officer of XL, said: "The corporate brand and legal name changes will help identify the XLWI companies more closely with XL, while at the same time bringing these subsidiaries into line with our global branding architecture."
Mr. Nicholas M. Brown, Jr., Chief Executive of XL's Insurance Operations, commented: "XL Insurance Global Risk is the largest operation in XL's insurance segment and the platform that has expanded our reach throughout the world. The new brand is a clear statement of that geographic breadth."
XL Insurance Global Risk Chief Executive Officer, Clive Tobin, said: "I think the time is right for us to rebrand XLWI. We are seeing signs of a flight to quality capacity by our customers and our strategy is to make sure they understand that we are part of a financially strong, AA-rated group. The name and brand change will help us deliver that message very clearly."
XL Capital Ltd, through its operating subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. As of September 30, 2002, XL Capital Ltd had consolidated assets of approximately $34.1 billion and consolidated shareholders' equity of approximately $5.9 billion. More information about XL Capital Ltd is available at www.xlgroup.com.