ACE Limited and XL Capital Ltd dedicate walkway to Director Robert Clements
HAMILTON, BERMUDA - May 09, 2002
Hamilton, Bermuda (May 9, 2002): ACE Limited (NYSE: ACE) ("ACE") and XL Capital Ltd (NYSE: XL) ("XL") announced today that they will dedicate the walkway located between their two headquarters to founding director Robert Clements. The dedication ceremony will take place on Thursday, May 9th at 5:30pm when two plaques will be unveiled at the southern end of the walkway that links Pitts Bay Road to Gorham Road. One plaque will recognize the contributions of Mr. Clements while the other will reflect on the history of the old Bermudiana Hotel site on which the ACE and XL buildings stand.A founding director of ACE and XL and a pioneer of the international insurance industry in Bermuda, Mr. Clements' creative approach to the business of risk transfer led to the formation of both ACE and XL in the mid-1980s.Brian M. O'Hara, President and Chief Executive Officer of XL, said: "The Robert Clements Walkway will serve as a lasting tribute to an exceptionally creative insurance leader. It was his perseverance and vision that led not only to the formation of ACE and XL but also helped turn Bermuda into one of the world's leading centres for commercial insurance and reinsurance."Commenting on the opening of "The Robert Clements Walkway", Brian Duperreault, Chairman and Chief Executive Officer of ACE Limited, said: "We are delighted to be able to recognise the significant role that Robert Clements has played in the development of the international insurance industry in Bermuda. Mr. Clements was instrumental in promoting the Bermuda market as a solution to the insurance deficiency existing for many multi-national companies in the mid 1980s, and it was his foresight that helped make Bermuda the premier insurance domicile that it is today."The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients. The ACE Group conducts its business on a global basis with operating subsidiaries in nearly 50 countries. Additional information can be found at www.acelimited.com.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 at March 31, 2002, XL had consolidated assets of approximately $30.6 billion and consolidated shareholders' equity of approximately $5.5 billion. More information about XL is available at www.xlgroup.com.
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