XL Re Life Enters The U.S. Life Reinsurance Market
STAMFORD, CT - March 17, 2006
STAMFORD, Conn., March 17, 2006 - Robert W. Douglas, Chief Executive Officer of XL Re Life operations, today announced its expansion into the U.S. life reinsurance market with the acquisition of Servus Life Insurance Company, to be renamed XL Re Life America Inc. following state regulatory approvals.XL Re Life America Inc. will offer reinsurance capacity for individual life reinsurance and in force portfolios on a Yearly Renewable Term (YRT) or coinsured basis, as well as individual reinsurance capacity on a facultative underwriting basis.XL Re Life America is led by President and Chief Executive Officer Andy Batley. The team, based in Stamford Connecticut, includes Chief Actuary William Reifenberger, Chief Underwriter M. Cristina Downey and Head of Administration Thomas Hartlett.A.M. Best Co. has assigned a financial strength rating of A (Excellent) and an issuer credit rating of "a" to XL Re Life America Inc. (XL Re Life America) (Stamford, Conn.). The outlook for both ratings is stable.According to Mr. Douglas: "Our launch into the U.S. life reinsurance market is not a venture into uncharted territory for XL Re Life. We will employ the same underwriting capability and discipline that we have successfully exercised in both the UK and Bermuda. It is a natural progression for our business and, I believe, for U.S. life insurers a welcome addition to the reinsurance market."Since its inception in 1999, XL Re Life's operations has grown to more than $6 billion in assets with teams now based in Stamford, London, Bermuda and Paris.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 December 31, 2005, XL Capital Ltd had consolidated assets of approximately $58.4 billion and consolidated shareholders' equity of approximately $8.5 billion. More information about XL Capital Ltd is available at www.xlgroup.com.
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