Mr. Paul S. Giordano will be appointed Chief Executive Officer of the Company's Financial Products & Services (FP&S) business, one of XL's three core business segments. This follows Mr Giordano's appointment as President of XL Financial Solutions earlier this year and his active involvement as a Director of XL Capital Assurance Inc. and XL Financial Assurance Ltd. Mr. Giordano joined XL in 1997 as Senior Vice President, General Counsel and Corporate Secretary. Since 1999, Mr Giordano has served as an Executive Vice President of the Company and as a member of XL's Executive Management Board. He was formerly in private practice in New York and London where he focused on corporate law and financial institutions.
XL's new General Counsel will be Charles F. Barr, who joined the Company in 2002 as General Counsel to X.L. America, Inc. Mr. Barr, who holds a JD as well as a CPCU insurance designation, was formerly General Counsel to General Re Corporation and Benfield Blanche.
Concurrent with Mr Barr's appointment, Associate General Counsel Kirstin Gould will assume the role of Chief Corporate Legal Officer and Secretary of the Company in addition to her existing responsibilities.
In addition, Mr. Robert R. Lusardi, Chief Executive Officer of XL's FP&S segment, will leave the company at the end of the year to pursue personal interests. He will work closely with Mr. Giordano until then to ensure an orderly transition and will provide continuing advisory services to XL, particularly in the area of strategic investments.
Mr. Lusardi said: "I have enjoyed eight terrific years since I agreed to join XL. I have had the opportunity to be Chief Financial Officer of a dynamic organization, to be part of a large number of successful strategic initiatives and investments, and to help start and lead four businesses from the ground up. I believe that these businesses are in excellent shape and have reached the point where they will benefit from someone who has a different set of skills and background. I can't think of a better person for the role than Paul Giordano. I am looking forward to returning to my roots as a strategic, transaction-oriented executive, now with experience on both sides of the aisle."
Commenting on the announcement, Mr. Brian M. O'Hara, President and Chief Executive Officer of XL, said: "The executive management changes we have announced today are intended to allow for a talented group of our senior management to build on their strengths and capabilities. Rob Lusardi has played an important part in XL's expansion and development, both as Chief Financial Officer of XL and, more recently, as Chief Executive Officer of FP&S. We will miss his keen intellect and negotiating skills, but look forward to calling on Rob in his advisory capacity. We are, however, very pleased that Paul Giordano has accepted his new role. Paul brings considerable experience from his financial services background to this important segment of our operations."
He added: "I am immensely proud of our management bench strength, which continues as a key focus of our Board of Directors. This focus, along with professional development at all levels of our Company has allowed us to create a leadership pipeline capable of producing successor candidates of the caliber of Paul, Charley and Kirstin and I look forward to working with them in their new roles."
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, 2004, XL Capital Ltd had consolidated assets of approximately $45.5 billion and consolidated shareholders' equity of approximately $7.1 billion. More information about XL Capital Ltd is available at www.xlgroup.com.