XL RE Plans to Open Local and Admitted Reinsurer in Brazil
HAMILTON, BERMUDA - April 07, 2008
RIO DE JANEIRO, April 7 – XL Re, the global reinsurance operations of XL Capital Ltd (NYSE: XL) today announced plans to serve the Brazilian reinsurance market as both a local and admitted reinsurer, subject to regulatory approval.XL Re’s entry is a response to the opening of Brazil’s reinsurance market to the private sector effective April 17, 2008.James H. Veghte, Chief Executive Officer of XL Re, said: "We at XL Re are very excited about the opening of the market in Brazil. We have had a representative office in the country for many years and I believe that we are ideally positioned to be a market leader in the new environment. We have a capable and experienced management team, outstanding relationships with the local insurance market and an established reputation for technical excellence and reliable service."Carlos A. Caputo, who will manage the new reinsurance operations said: “XL Re has been a leading reinsurer in the Brazilian market as a key reinsurance partner to the IRB. Now, XL Re will be able to serve primary insurers. We are very excited to enter Brazil on a local and admitted basis. As a leader in the Brazilian reinsurance market for nearly 10 years, we are very well known. XL Re looks forward to building on the excellent relations we have with clients.”Mr. Caputo has more than 30 years experience in underwriting and management in the Brazilian market with an extensive background in the Brazilian brokerage business and reinsurance.XL Re’s Brazilian reinsurance operations will be based in Rio de Janeiro with an additional office in Sao Paulo.XL Re is the global brand used by XL Capital Ltd’s reinsurance operations. The XL Re companies have more than 350 employees in 11 countries. More information about XL Re companies is available at www.xlre.com. Through its operating subsidiaries, XL Capital Group is a leading provider of global insurance and reinsurance coverages to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. More information about XL Capital Ltd is available at www.xlgroup.com.
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