XL Insurance Global Risk companies in Switzerland to move to Zurich
Winterthur, Switzerland - June 16, 2003
Winterthur, Switzerland (16 June, 2003): XL Insurance Switzerland (formerly XL Winterthur International Insurance Switzerland) ("XLIS") and its affiliates announced today that they will move their headquarters and Swiss operations from Winterthur to the city of Zurich. XLIS is part of the operations known as XL Insurance Global Risk, which writes worldwide property and casualty insurance for large commercial accounts.Chief Executive for XL Insurance Global Risk, Clive Tobin described the planned relocation as: "A significant step into the future that will place us in the heart of one of the world's leading financial centres."Mr. Tobin said that the move will be complete by the end of the year."After a careful evaluation of possible alternatives, including commercial space in Winterthur, we decided on a move to Zurich's Mythenquai," he said. "In Mythenquai 10, we have found an ideal location. We will benefit from the advantages of an international financial centre and have the infrastructure and extensive support services of a cosmopolitan city at our disposal. The city is also an extremely attractive workplace for international talent. In addition, the move will send a positive message to the market and to our employees, particularly those in Switzerland."He added: "The relocation of principal offices and all 300 Winterthur-based employees to Zurich is an expression of our long-term commitment to Switzerland as an international financial centre and to Zurich as a hub for international financial business."XL Insurance Global Risk coverages are underwritten by member companies of the XL Capital Ltd group. 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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