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Stamford, CT - February 20, 2002 - Element Re Capital Products Inc, an XL Capital Group company and a provider of weather risk management products ("Element Re"), is proud to announce the international publication of Weather Risk Management: Markets, products and applications, a comprehensive guide to the industry. Written by a team comprised of key employees of Element Re and the company's principals, who pioneered the weather risk market, the book gives chief financial officers, corporate treasurers, controllers and risk managers an in-depth look into the financial impact of weather on their companies and the ways to protect against it. It is the first comprehensive, mainstream book published on the subject.According to the United States Department of Commerce, non-catastrophic weather events such as heat, cold, rain, snow and wind impact nearly 10 percent of the $9 trillion U.S. Gross Domestic Product. Similar estimates apply in Europe, Asia and elsewhere around the world. Industries as diverse as utility/energy, construction, agribusiness, retail, transportation, manufacturing, food & beverage, resort and hospitality are all vulnerable to the negative effects of weather. Weather Risk Management: Markets, products and applications offers valuable case studies to help readers understand the different solutions that can be created by the energy trading companies, insurance and reinsurance providers, banks and exchanges that offer weather risk products. It also provides an overview of the entire market in addition to detailing the process of quantifying a company’s weather exposure, the fundamentals and economics of weather, the nuances of the market in different geographic regions and the numerous tax, accounting, legal and regulatory issues involved."In just four years, the weather risk management industry has grown into a $7.5 billion worldwide market. In this time, a growing number of investors, analysts, CEOs and board members have begun to take notice," said Erik Banks, editor of Weather Risk Management: Markets, products and applications and Chief Risk Officer of Element Re. "However, there are still many financial decision makers in a range of industries that have little or no awareness of what they can do to protect their companies’ bottom lines. This book is intended to educate them."About the book:PUBLISHER: Palgrave, an imprint of St. Martin’s PressISBN: 0-333-97225-2TRIM SIZE: 6.125" x 9.25"EDITION: HardbackPAGES: 386ILLUSTRATIONS: 40 chartsPRICE: $180.00About the Authors:Weather Risk Management: Markets, products and applications was written by the team at Element Re which is a provider of innovative risk management products that allow businesses to mitigate their non-catastrophic weather risk. For more information, call (203) 356-3580 or visit Re is an indirect subsidiary of XL Capital Ltd (NYSE: XL), which, 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, 2001, XL had consolidated assets of approximately $28 billion and consolidated shareholders' equity of approximately $5.4 billion. More information about XL Capital Ltd is available at request a review copy of Weather Risk Management: Markets, products and applications or to interview the authors, contact Josh Epstein at Clifford Public Relations, p: (212) 358-0800 x28 or josh@cliffordpr.comTo order a copy of Weather Risk Management: Markets, products and applications, go to or press release contains forward-looking statements. Such statements are based on current plans, estimates and expectations. Accordingly, forward-looking statements involve inherent risks and uncertainties and a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement, including, without limitation, that the weather risk management business may not develop to the extent anticipated. The Company undertakes no duty to update publicly any forward-looking statements contained herein in light of new information or future developments.