James Veghte to Become President of XL Re Latin America
HAMILTON, BERMUDA - May 07, 2003
HAMILTON, BERMUDA, May 7, 2003 – XL Capital Ltd (NYSE: XL) (“XL” or “the Company”) announced today that it is appointing James H. Veghte as President of XL Re Latin America, XL’s principal reinsurance operating unit in Latin America with five offices throughout the region.Mr. Veghte, currently President and Chief Operating Officer of XL Re Ltd in Bermuda, will assume the role during the third quarter of 2003 while retaining his existing responsibilities. He will replace Keith Shroyer, President and Chief Underwriting Officer of XL Re Latin America, who is returning to the United States for personal reasons.Mr. Henry C.V Keeling, Chief Executive of XL’s Reinsurance Operations and Chairman of XL Re Latin America, said: “ We are sorry that we will be losing Keith in the summer but we are confident that XL Re Latin America and its book of mostly proportional property treaty business will be in excellent hands. Jamie Veghte is a very experienced underwriter and business manager. He is doing an outstanding jobat XL Re Ltd, which is one of our core operations, and performed equally well for us at Le Mans Re, our subsidiary in France, where he was formerly Chief Operating Officer.I wish Keith every success for the future and congratulate Jamie on his expanded role in Bermuda.”Mr. Shroyer, who has been with XL Re Latin America since its formation in 1997, will be retained on a consulting basis to assist with transitional changes.XL Capital Ltd, 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 March 31, 2003, XL Capital Ltd had consolidated assets of approximately $37.5 billion and consolidated shareholders' equity of approximately $6.8 billion. More information about XL Capital Ltd is available at www.xlgroup.com.
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