XL Capital Announces Creation Of Global Corporate And Business Services Roles And Further Defines Management Structure Of Reinsurance Operations
HAMILTON, BERMUDA - December 06, 2004
Hamilton, Bermuda - December 6, 2004: XL Capital Ltd (NYSE:XL) ("XL" or the "Company") announced today that it is creating two new senior executive positions in recognition of the continuing development of its organizational structure and global management. With immediate effect Fiona E. Luck, Executive Vice President, Group Operations, becomes Global Head of Corporate Services and Henry C.V. Keeling, Executive Vice President and Chief Executive for Reinsurance Operations, is named Global Head of Business Services in addition to his existing responsibilities.Business Services will embrace the infrastructure aspects of XL's activities including Information Technology, Real Estate and the coordination of Global Shared Services across the Company.Corporate Services will further advance XL's activities relating to Strategic Planning, Human Resources, Marketing, Global Communications, Public Relations & Corporate Social Responsibility.XL President and Chief Executive Officer, Brian M. O'Hara, said: "XL views the provision of comprehensive and efficient Corporate and Business Services to our segments as a key factor in successfully implementing global strategies in Insurance, Reinsurance and Financial Products. One of our strategic priorities is cycle management, and I believe that these senior level appointments bring an appropriate level of executive focus to bear on this. Both Fiona and Henry have extensive business experience that will be invaluable in helping us optimize services to our customers".Ms. Luck commented: "Over the past two years we have focused on embedding core values and qualitative goals into XL's culture. This initiative has been particularly important in the current environment and we expect to see it continue to play a critical role in our strategy. We believe that Corporate Services will be the vehicle to allow us to further execute this strategy and build on our current momentum."At the same time, the Company announced that James Veghte, currently Chief Executive Officer of XL Re America, has been appointed Chief Operating Officer for XL's Reinsurance Operations. In this role Mr. Veghte will continue to report to Mr. Keeling but will assume a broader responsibility for the Operating Business Units within the Reinsurance segment.Mr. Keeling said: "While I remain very involved as Chief Executive for Reinsurance Operations, particularly the strategic development of this business segment, it is clear that I will need to devote more of my time to my new responsibilities. Jamie Veghte has assumed roles of increasing importance in the Reinsurance Operations since he first joined us in 1994. We are very fortunate to have an executive of Jamie's talent who can step up to this position and we are pleased to be able to continue to develop and demonstrate our own bench- strength."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 September 30, 2004, XL Capital Ltd had consolidated assets of approximately $46.8 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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