XL Capital Ltd Completes Purchase Of Le Mans Ré And Announces Name Change To XL Re Europe
HAMILTON, BERMUDA - September 03, 2003
HAMILTON, BERMUDA - September 3, 2003 - XL Capital Ltd (NYSE: XL) ("XL" or "the Company"), through one of its wholly owned subsidiaries, said today that it has completed its previously announced intention to purchase the remaining 33% of Le Mans Ré held by Les Mutuelles du Mans Assurances Group ("MMA"). Le Mans Ré was formed as a joint venture in 1999 between XL and MMA. XL increased its shareholding in Le Mans Ré from 49% to 67% in 2002.As a result of the acquisition, Le Mans Ré's name has been changed to 'XL Re Europe' aligning under the 'XL Re' brand used by the Company's global reinsurance operations.Chief Executive of XL's Reinsurance Operations, Mr. Henry C.V. Keeling, said: "Having XL Re Europe as a full-fledged XL company is a crucial factor in the ongoing development of our global reinsurance operations. It continues to strengthen our business and market presence in Continental Europe since, prior to XL Re Europe, we had limited access to the European reinsurance market. Our joint venture with MMA has provided us with an excellent platform from which we are building our European book of business, and has connected us on all levels with clients and brokers. We are looking forward to continuing our growth as a premier player in the European market."Mr. Keeling added: "The name change to 'XL Re Europe' marks an important transition. It aligns our European business under the XL Re brand and is more identifiable for our customers and brokers. XL Re Europe's employees also have a clear identity as an integral part of the XL family."Mr. Charles Werner Skrzynski, Chief Executive Officer of XL Re Europe commented: "XL Re Europe's customers and brokers will benefit in many ways from this final step in our process of integration into the reinsurance operations of XL. Not only are we now a complete part of a highly rated and capitalized organization but we will also be able to offer greater capacity and enhanced expertise. Our full integration is bringing a new dynamic to the range of services we offer to our clients and brokers in our selected markets in Continental Europe, the Middle East, Africa and Canada. We will continue to serve these clients from our headquarters in Le Mans and our offices in Cologne, Madrid and Toronto."Mr. Keeling will remain as Chairman of the XL Re Europe Board of Directors and Charles Werner Skrzynski will continue his role as Chief Executive Officer of XL Re Europe and remain a Director of the Board. The other directors will be John W. Hume, Chief Financial Officer for XL's Reinsurance Operations and David J. Watson, General Manager of XL Re Ltd's London Branch. Following completion of the transaction, MMA will cease to be represented on the XL Re Europe Board.The change to full ownership by XL will not affect XL Re Europe's operations. As previously announced, XL has already merged XL Re Europe's and XL Re Ltd's branches in Singapore and integrated XL Re Europe's continuing Miami-based business with XL Re Latin America Ltd's operations.XL Re is the global brand used for XL Capital Ltd's reinsurance operations. As of the year ended December 31, 2002, XL's reinsurance operations had gross premiums written of US$4.2 billion. The XL Re companies have over 500 employees in 14 countries. They are rated AA or A+ by S&P. More information about XL Re companies is available at www.xlre.com.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 June 30, 2003, XL Capital Ltd had consolidated assets of approximately $39.2 billion and consolidated shareholders' equity of approximately $7.6 billion. More information about XL Capital Ltd is available at www.xlgroup.com.
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