XL America and Argonaut Enter Into Renewal Rights Agreement For U.S. Large Risk Casualty Business
STAMFORD, CT - August 29, 2005
STAMFORD, CT, August 29, 2005 – XL America, Inc. (“XL America”), the holding company for XL Capital Ltd’s (NYSE: XL) (“XL”) U.S. operations, today announced that it has entered into an agreement with the Argonaut Group (NASDAQ: AGII) to acquire the renewal rights to a substantial portion of Argonaut Insurance Company’s Risk Management book of business in the U.S.XL America Executive Vice President Dennis Kane said: “The addition of these quality customers fits well with XL America’s growth strategy in the U.S. casualty market. Through our technical underwriting expertise, market knowledge and customer service, XL has become a key global provider to large businesses and institutional customers offering a full range of casualty coverages, from primary to excess.”“Argonaut’s large casualty customers who buy sophisticated risk management programs are an attractive complement to XL America’s current client roster,” said Mr. Kane. “As well, our new clients will see many benefits from XL America’s commitment to the market, including our financial strength, and the additional risk management resources they will have available to them.”XL America will offer quotes to selected Argonaut clients beginning immediately. In addition, to assure a smooth transition during the renewal process, XL America will offer continued access to the specialized claims management and loss control services provided by Argonaut Claims Services, Ltd.Argonaut Group President and Chief Executive Officer, Mark E. Watson III stated, “In XL America, we have found an excellent company to provide our risk management customers with the financial strength, experience and large account expertise they need along with the professional and customized service they expect.”Mr. Kane announced that XL America’s Chief Casualty Underwriter for U.S. Risk Management, Joseph Harris, will lead the XL America team during the transition. Mr. Harris will work with various members of the existing XL America team across the U.S. as well as key members of the Argonaut team who will be joining XL America to maintain and further grow these important business relationships.“In addition to expanding our U.S. risk management business, the integration of Argonaut’s casualty customers presents us with the opportunity to expand XL America’s underwriting and customer service capabilities particularly on the West Coast,” said Mr. Kane, noting XL America’s commitment to providing brokers and their customers with local access to XL’s global capabilities.XL America is the holding company for all of the U.S. operations of XL Capital Ltd (NYSE:XL). XL Capital Ltd, through its operating subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products and services to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis. As of June 30, 2005, XL had consolidated assets of approximately $53.3 billion and consolidated shareholders' equity of approximately $8.4 billion. More information about XL is available at www.xlgroup.com.Headquartered in San Antonio, Argonaut Group, Inc. (NASDAQ:AGII) is a national underwriter of specialty insurance products in niche areas of the property and casualty market with assets of approximately $3.1 billion. Through its operating subsidiaries, Argonaut Group offers high quality customer service in programs tailored to the needs of its customers' business and risk management strategies. Collectively, Colony Group, Argonaut Specialty, Rockwood Casualty Group, Argonaut Insurance Company, Great Central Insurance, Grocers Insurance, and Trident Insurance Services underwrite a full line of products in four primary areas: Excess and Surplus, Select Markets (formerly Specialty Commercial), Risk Management, and Public Entity. Information on Argonaut Group and its subsidiaries is available at www.argonautgroup.com.
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