XL Capital announces management changes in its global reinsurance operations
HAMILTON, BERMUDA - July 08, 2002
Hamilton, Bermuda (July 8, 2002) - XL Capital Ltd (NYSE: XL) ("XL" or "the Company") said today that Mr. James H. Veghte has been appointed President, Chief Operating Officer and Chief Underwriting Officer of XL Re Ltd, one of the Company's principal reinsurance operating units. The appointment is one of several management changes announced today as XL continues to streamline its global reinsurance operations.Mr. Veghte, currently Chief Operating Officer of XL's French reinsurance subsidiary, Le Mans Ré, and General Manager of XL Re Ltd's London branch, will relocate to Bermuda to take up his new duties, subject to regulatory and other approvals. Mr. Charles Werner Skrzynski, presently executive Chairman, will become Chief Executive Officer of Le Mans Ré and Mr. David J. Watson, Senior Vice President and Chief Underwriter (Non-Life), will become General Manager of XL Re Ltd's London branch.Mr. Henry C.V. Keeling, Chief Executive of XL's Reinsurance Operations, remains Chief Executive Officer of XL Re Ltd and will become non-executive Chairman of Le Mans Ré. Mr. Keeling, who is presently based in Bermuda, is concurrently relocating to London.Mr. Keeling said: "Jamie Veghte is a highly experienced underwriter and a professional manager whose appointment marks the completion of our longer-term objective to install operating heads in each of our principal reinsurance units. While the present scope of my broader responsibilities will remain largely unchanged, Jamie will assume responsibility for the day-to-day operations of XL Re Ltd on a worldwide basis which will, in turn, allow me to concentrate more on the overall strategic direction of XL's reinsurance operations. In doing this out of London, I look forward to having the opportunity of working more closely with the XL Re London operations and the increasingly important Continental European operations of Le Mans Ré.""Charles Skrzynski is an experienced executive who has a long relationship with Le Mans Ré. We are very fortunate to have been able to call upon someone of his caliber to step into the position of Chief Executive. I am excited at the prospect of working closely with Charles and continuing the strong strategic development of Le Mans Ré."XL said in January this year that it had completed its previously announced acquisition of a 67% majority shareholding in Le Mans Ré, formed as a joint venture reinsurer by XL and Mutuelles du Mans Assurances (MMA) in 1999. MMA retains a 33% stake in Le Mans Ré.Mr. Brian M. O'Hara, President and Chief Executive Office of XL, said: "This announcement represents a further step in the streamlining and integration of our global reinsurance business, XL Re. We are very pleased to welcome Charles Werner Skrzynski to the XL family and we congratulate Jamie Veghte and David Watson on their new appointments. Henry Keeling's relocation to London emphasizes the truly global nature of our business and the growing importance of the European markets to XL Re and XL Capital Group as a whole."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, 2002, XL Capital Ltd had consolidated assets of approximately $30.6 billion and consolidated shareholders' equity of approximately $5.5 billion. More information about XL Capital Ltd is available at www.xlgroup.com.
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