Andy Batley has become head of Global Business Development for XL Re Life operations and will oversee its business development activity worldwide. He will be based in London and is succeeded by Michael Pado.
Mr. Pado, who will report to Mr. Batley, joins as President of XL Re Life America Inc. from Transamerica Reinsurance where he served as Senior Vice President of Sales and Market Research in their Charlotte, North Carolina office. During his 28-year tenure in the life reinsurance and insurance industries, he honed his experience in several leadership positions, serving as President for both Convergence Re LLC and for AXA Re Life Insurance Company. Mr. Pado also served as Senior Vice President of both individual life and non- traditional products for Swiss Re.
Commenting on the appointments, Mr. Douglas said: “XL Re Life operations have grown to more than $6 billion in assets since its launch in 1999. Andy recently directed our successful entry into the U.S. market and now, in his new position, we will continue to look to Andy’s proven leadership and industry expertise to guide our global growth in this market.”
He added: “Mike’s well regarded experience and reputation in the industry adds even more strength to a very solid U.S. underwriting team which entered the U.S. life reinsurance market at a pivotal time. There is a real demand for good quality capacity. Under Mike’s leadership, XL Re Life America is entering into a market of opportunity with a seasoned team and the right underwriting skills and discipline to meet the life industry’s reinsurance needs.”
XL Re Life America, Inc. offers reinsurance capacity for individual life reinsurance and in force portfolios on a yearly renewable term or coinsured basis, as well as individual reinsurance capacity on a facultative underwriting basis. The company carries an A.M. Best financial strength rating of A (Excellent).
XL Re Life operations are an underwriting division of XL Capital Ltd. Through its operating subsidiaries, XL Capital Group is a leading provider of insurance and reinsurance coverages and financial products and services to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis. As of March 31, 2006, XL Capital Ltd had consolidated assets of approximately $58.8 billion and consolidated shareholders' equity of approximately $8.5 billion. More information about XL Capital Ltd is available at www.xlgroup.com.