Mr. Clive R. Tobin, Chief Executive of Insurance Operations for XL, said: "Nick has achieved considerable success in re-structuring our Lloyd's operations and aligning them with XL's global insurance strategy. The business is performing well and Nick's contribution over the years has been highly valued."
Mr. Metcalf, who is the Active Underwriter for Lloyd's Syndicate 1209, will work closely with XL to ensure a smooth transition to a new management team which will be announced in due course.
Mr. Metcalf started his career at Lloyd's in 1977. He was appointed Chief Executive Officer of XLLM in September 2000. XLLM is one of Lloyd's leading Managing Agencies with syndicate capacity of over $500 million.
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 December 31, 2003, XL Capital Ltd had consolidated assets of approximately $40.8 billion and consolidated shareholders' equity of approximately $6.9 billion. More information about XL Capital Ltd is available at www.xlgroup.com.