XL is establishing a new European reinsurance company in Dublin and intends to establish branch offices in the UK, France, Spain and Germany. David Watson, currently XL Re Ltd's General Manager in London, will relocate to Dublin to become President and CEO of the new company once the transition is complete. Mark Berry, currently head of XL Re Ltd's Special Risks underwriting department, will become General Manager in London, reporting to Mr. Watson.
Jamie Veghte, Chief Executive of XL's Reinsurance General Operations, commented: "This restructuring is a natural progression in the integration of our European reinsurance platform. This initiative will result in greater operational efficiency and financial strength as we continue to provide client solutions through our European platform. We expect the new company to have the same ratings as XL Re Ltd, which is rated A+ by Standard & Poor's."
XL Chief Operating Officer Henry Keeling added: "XL's insurance operations have had a presence in Dublin since 1990. In fact, it was XL's first European location, and now we look forward to establishing a reinsurance presence there as well. We hope to have the new reinsurance structure in place by September, in time for the end of year renewals."
XL Re is the global brand used for XL Capital Ltd's reinsurance operations. The XL Re companies have more than 500 employees in 14 countries. More information about XL Re companies is available at www.xlre.com. XL Capital Ltd, through its operating subsidiaries, 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 June 30, 2006, XL Capital Ltd had consolidated assets of approximately $58.5 billion and consolidated shareholders' equity of $8.5 billion. More information about XL Capital Ltd is available at www.xlgroup.com.