XL London Market Ltd announces appointment of Dermot O'Donohoe and Paul Drake
London, England - May 26, 2004
London, England - May 26, 2004 - XL London Market Ltd ("XLLM"), an XL Capital Group Ltd (NYSE:XL) ("XL") company, announced today that Mr. Dermot O'Donohoe has been appointed Chief Executive Officer. Mr. O'Donohoe is currently the head of XL's Insurance Operations in the UK and Ireland, a position he will retain. Additionally, Mr. Paul Drake has been appointed as Active Underwriter of XLLM's Syndicate, 1209. Both appointments are subject to regulatory approval.Mr. Clive Tobin, Chief Executive of Insurance Operations for XL, said: "Lloyd's is an important component in our Insurance Operations. The appointment of Dermot and Paul to these leadership positions within XLLM further demonstrates XL's commitment to the Lloyd's market. Dermot and Paul have proven through strong leadership and acute business expertise that they can play a key role in the integration of XL's insurance operations in London and enhance XL's focus on providing quality service and products to brokers and clients across all markets."Mr. O'Donohoe joined XL in 1991 as a Professional Lines underwriter and progressed to President and Chief Executive Officer of XL Europe Ltd and Chief Executive Officer of XL Insurance Company Ltd in December 2002. Mr. O'Donohoe is also a member of the global XL Insurance Executive Management Board. He began his career in 1981 as a Surety Bond Underwriter with the Insurance Corporation of Ireland. In 1985 he joined the Construction Guarantee & General Insurance Co Ltd as Underwriter and Assistant to the Managing Director. Mr. O'Donohoe is an Associate of the Chartered Insurance Institute (A.C.I.I.) and a Member of the Marketing Institute of Ireland (M.M.I.I).Mr. Drake joined XLLM in January 2001 as Underwriting Development Manager and was appointed Director of Underwriting Risk in March 2002. He currently serves on the board of XLLM. Mr. Drake was previously employed by R J Kiln and Co, where he was deputy underwriter of Syndicate 765, and Cottrell & Maguire Ltd, where he was Property and Accident & Health underwriter for Syndicate 1173. He served as a director of both agencies.XLLM is one of Lloyd's leading Managing Agencies with syndicate capacity of over $500 million. The XL London Market Syndicate offers underwriting expertise and market leadership in various lines of business, particularly the marine disciplines of Hull, Liabilities, Offshore Energy and Cargo; Specie; Bloodstock; International Aviation; and War and Political Risk.The ultimate parent company of XL London Market Ltd is XL Capital Ltd, which, 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, 2004, XL Capital Ltd had consolidated assets of approximately $44.2 billion and consolidated shareholders' equity of approximately $7.4 billion. More information about XL Capital Ltd is available at www.xlgroup.com.
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