XL London Market Ltd announce proposal to merge Syndicates 1209 and 990
- June 25, 2002
XL London Market announces that it is seeking Lloyd's approval to merge Syndicate 990 into Syndicate 1209 for the 2003 year of account. Both syndicates are 100% backed by XL for the 2002 year of account with current capacities of £80m and £360m respectively.Commenting on the planned merger, Chief Executive, Nick Metcalf said "Given that we have already successfully integrated Denham Syndicate management into XL London Market, this is the final step in bringing together the two businesses. The combined structure will most effectively serve our single capital base and the combination of the underwriting teams will ensure that we provide our clients and brokers with the best possible service."Notes to EditorsXL London Market Ltd, manages two active syndicates (for the 2002 Year of Account); Syndicate 1209, and Syndicate 990, their combined capacity for 2002 is £440 million.XL London Market's syndicates underwrite a range of business classes spanning marine, aviation, property, liability, war and political risks insurance.The ultimate parent company of XL London Market Ltd is XL Capital Ltd (NYSE: XL) ("XL"). Through its operating subsidiaries, XL 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, 2002, XL had consolidated assets of approximately $30.6 billion and consolidated shareholders' equity of approximately $5.4 billion. More information about XL Capital Ltd is available at www.xlgroup.com.This press release contains forward- looking statements. Such statements are based on current plans, estimates and expectations. Accordingly, forward-looking statements involve inherent risks and uncertainties, and a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements is set forth in XL's most recent report on Form 10-K and XL's other documents on file with the Securities and Exchange Commission. XL Capital Group undertakes no duty to update publicly or revise any forward-looking statements contained herein in light of new information, future developments or otherwise.
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