XL Group plc Comments On Standard & Poor's Affirmation Of XL's Ratings And Revised Outlook On XL To ""Stable"" From ""Negative""
HAMILTON, BERMUDA - November 23, 2010
Hamilton, Bermuda – November 23, 2010 - XL Group plc (NYSE: XL) ("XL" or the "Company") commented on today’s Standard & Poor's (S&P) announcement that it has affirmed XL's ratings and has revised the outlook to "Stable" from "Negative". Additionally S&P reported that it has changed its assessment of XL's Enterprise Risk Management (ERM) to "Strong" from "Adequate".XL Chief Executive Officer, Mike McGavick, stated: "We are extremely pleased with S&P's actions. XL has taken significant steps to concentrate on our core insurance and reinsurance businesses while derisking our investment portfolio and strengthening our ERM. It is gratifying to have these efforts acknowledged by S&P."He added: "With XL's solid ratings and operating performance, strong capital position, top talent and enhanced ERM, we have demonstrated our competitive resilience and we remain fully focused on providing superior value to clients and investors."XL Group plc, through its subsidiaries, is a global insurance and reinsurance company providing property, casualty, and specialty products to industrial, commercial, and professional firms, insurance companies and other enterprises on a worldwide basis. Its principal executive offices are located at No. 1 Hatch Street Upper, 4th Floor, Dublin 2, Ireland. More information about XL Group plc is available at www.xlgroup.com
Carol Parker TrottCommunications & Marketing Director Reinsurance & Bermuda