XL Capital Ltd Appoints Interim Management At Weather & Energy Subsidiary
HAMILTON, BERMUDA - November 20, 2003
HAMILTON, BERMUDA - November 20, 2003: XL Capital Ltd (NYSE: XL) ("XL") announced today that Mr. Robert Lusardi, Chief Executive Officer of XL Financial Products and Services, and Mr. David Shea, Chief Financial Officer of XL Financial Products and Services, have been appointed interim CEO and COO respectively in the office of the chairman of XL Weather & Energy (XLW&E), a wholly-owned unit of XL. The interim appointments were announced following the decision by XLW&E's current CEO and COO, Mr. Jeff Bortniker and Ms. Lynda Clemmons, to leave the company at the conclusion of Mr. Bortniker's and Ms. Clemmons' current employment agreements with XL.Commenting on these changes, Mr. Lusardi said: "Jeff and Lynda have contributed to an important build-out phase of our XLW&E business and leave behind a talented team of weather and energy professionals. This business is now maturing nicely and XL's strategy continues to be focused on being the pre-eminent provider of customer-oriented risk management solutions in weather and energy. Jeff and Lynda wish to continue to apply their skills in new and emerging opportunities. They believe that it is appropriate, therefore, that they pursue their goals in a new environment and we thank them for their efforts."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 September 30, 2003, XL Capital Ltd had consolidated assets of approximately $39.6 billion and consolidated shareholders' equity of approximately $7.4 billion. More information about XL Capital Ltd is available at www.xlgroup.com.
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