XL Capital Ltd Announces Management Changes In Its Global Reinsurance Operations
HAMILTON, BERMUDA - May 12, 2003
HAMILTON, BERMUDA, May 12, 2003 -- XL Capital Ltd (NYSE: XL) ("XL") today announced that Mr. John Hume will relinquish his role as Chief Financial & Administrative Officer of XL Re Ltd to focus entirely on his responsibilities as Chief Financial Officer of XL's global reinsurance operations. Mr. Hume will remain an Executive Vice President and Director of XL Re Ltd.Mr. James O'Shaughnessy, formerly of Centre Solutions in Bermuda, will take up the position of Chief Financial Officer for XL Re Ltd reporting directly to James Veghte, President and Chief Operating and Underwriting Officer of XL Re Ltd.Mr. O'Shaughnessy served four and a half years with Centre Solutions as Controller and Vice President. Prior to that, he was an Assistant Vice President and Assistant Controller at Tempest Reinsurance before being promoted to Vice President of Finance. His career began in 1986 when he worked as an Audit Senior for PricewaterhouseCoopers in Ireland. In 1989, Mr. O'Shaughnessy was an Audit Senior for KPMG Peat Marwick in Bermuda. He went on to GTE Reinsurance in 1991 where he served as a Financial Reporting Administrator and was later promoted to Assistant Controller.Mr. Hume said: "James O'Shaughnessy will take over the day-to-day financial tasks for XL Re Ltd, allowing me to concentrate on the reinsurance segment issues. I would like to welcome James to the team and look forward to working closely with him."XL Re Ltd, together with XL Reinsurance America Inc., XL Re Latin America Ltd and Le Mans Ré, represent the international segment of the XL Re brand. The network of branch offices includes 17 locations in 4 continents, and the expertise of over 350 employees.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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