Joseph Leto has been named Vice President and will head XL Weather & Energy's Kansas office, which will also include Assistant Vice Presidents Kurt Nuss and Paul Wohl. All three were formerly part of the origination and contingent risk team at Aquila, Inc. Joining XL Weather & Energy at their Stamford headquarters are James Hickman, Vice President, Stephen Sly, Assistant Vice President, and Jonathan Bundy, Assistant Vice President, all also previously with Aquila.
"The development of contingent risk management products for the utility and energy industry is a natural evolution for XL Weather & Energy," said Jeffrey Bortniker, the Company's Chief Executive Officer. "I believe that, with limited hedging options for many of the risks faced by energy companies, there is a tremendous demand for contingent risk products. The XL Capital Ltd group's financial strength ratings, combined with the years of knowledge and expertise of Joe, Jim and their teams, position us as a strong, long-term risk solution provider for the energy industry.
These contingent energy risk products can be provided in both derivative and insurance form, depending on the customer's need. These products will be designed to cover losses related to power outages as well as price fluctuations in the natural gas and electricity markets. I believe that the contingent energy products, combined with XL Weather & Energy's existing expertise in providing weather risk management products, will give XL Weather & Energy the ability to fully customize more complex and long-term solutions for its customers."
About XL Weather & Energy
XL Weather & Energy is a provider of innovative risk management products that allow businesses to mitigate their non-catastrophic weather and contingent energy risk. For more information, call (203) 356-3580 or visit www.xlwe.com.
XL Weather & Energy is a subsidiary of XL Capital Ltd (NYSE: XL), which, through its 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 December 31, 2002, XL Capital Ltd had consolidated assets of approximately $35.6 billion and consolidated shareholders' equity of approximately $6.6 billion. More information about XL Capital Ltd is available at www.xlgroup.com.
This press release contains forward-looking statements which involve inherent risks and uncertainties. Statements that are not historical facts, including statements about the Company's beliefs, plans or expectations, are forward-looking statements. These statements are based on current plans, estimates and expectations. Actual results may differ materially from those projected in such forward-looking statements and therefore you should not place undue reliance on them. The Company undertakes no obligation to publicly update or revise any forward looking statement, whether as a result of new information, future developments or otherwise.