Product Family
London, England (February 25, 2003) – XL London Market Ltd (“XLLM”), an XL Capital Ltd company (NYSE: XL) (“XL”), announced today that Julian Bowen-Rees has been named global practice leader for XL’s equine business, including both the XLLM bloodstock and livestock operations and XL’s equine business in Lexington, Kentucky. Julian Bowen-Rees will remain Class Underwriter for XLLM’s Syndicate 1209. He reports to Nick Metcalf, CEO of the product line and of XL London Market Ltd.Nicholas M Brown, Jr., Chief Executive of XL’s Insurance operations said: “We are fortunate to have the global practice expertise of such a talented individual who, I am sure, will capitalize on the opportunities that this position creates. I am certain that Julian and his teams in London and Kentucky will continue to achieve great success in what is a very specialized market.”Commenting on the announcement, Nicholas J Metcalf, Chief Executive of XLLM said: “I have worked with Julian for many years. He is a highly regarded professional in the equine market, and I am extremely pleased he has accepted these additional responsibilities.”XL Insurance’s equine operations are among the leading providers of equine insurance in the U.S. and international thoroughbred markets. They offer a comprehensive range of products including but not limited to high value thoroughbreds, sport horses, standardbreds, equine mortality, theft, specialized perils, barrenness/prospective foal, mare availability, stallion availability, infertility and loss of income. Products are distributed through a select number of independent agents as well as U.S. and Lloyd’s brokers.XL’s equine business is underwritten on an admitted basis in the US, with policies issued by XL Specialty Insurance Company, rated A+ (Superior) XV by A.M. Best and AA (Very Strong) by Standard and Poor’s. Syndicate 1209, managed by XLLM, underwrites XL’s bloodstock and livestock products in the London market, utilizing Lloyd’s licences and distribution networks to access business from a range of territories.XL London Market Ltd is one of the leading Managing Agencies at Lloyd's of London, managing Syndicate 1209 with capacity to accept premium of over $500 million. The XL London Market Syndicate offers underwriting expertise and market leadership in various lines of business, particularly the marine disciplines of Hull, Liabilities, Offshore Energy and Cargo; Specie, Bloodstock; International Aviation and War and Political Risk.The ultimate parent company of XL London Market Ltd is XL Capital Ltd, 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, 2002, XL Capital Ltd had consolidated assets of approximately $35.6 billion and consolidated shareholders’ equity of approximately $6.6 billion. More information about XL Capital Ltd is available at www.xlgroup.comThis 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 potential synergies between XL Capital Group’s insurance, reinsurance and financial products and services businesses may not develop to the extent anticipated and that investment returns may be less than expected due to a variety of economic factors. A non-exclusive list of other important factors that could cause actual results to differ materially from those in such forward-looking statements is set forth in XL’s most recent report on Form 10-K and XL’s other documents on file with the Securities Exchange Commission. XL Capital Group undertakes no duty to publicly update or revise any forward-looking statements contained herein in light of new information, future developments, or otherwise.