The share transfer, announced by both shareholders on September 7, 2001, was ratified during a joint special shareholders' meeting held on January 11, 2002.
Jean-Claude Seys, President of MMA, and Charles-Werner Skrzynski, who continues as President of Le Mans Ré, will sit on the Le Mans Ré Board of Directors. Other directors will include Henry C. V. Keeling, Chief Executive of Reinsurance Operations for XL, Michael A. Butt, a Director of XL, James H. Veghte, Chief Executive Officer of Le Mans Ré, and John W. Hume, Chief Financial Officer of XL Re Ltd.
Henry C.V. Keeling, Chief Executive of Reinsurance Operations for XL and President and Chief Executive Officer of XL Re Ltd, said: "I am very pleased that we have been able to complete our acquisition of a controlling interest in Le Mans Ré in time for the start of 2002. With its good client connections and mature book of business, Le Mans Ré enhances our access to the Continental European marketplace at a crucial time. We are fortunate that MMA continues to work with us in this joint venture and we look forward to making Le Mans Ré an increasingly important element of our global strategy."
Jean-Claude Seys, President of MMA, stated: "We are pleased that Le Mans Ré is now in a better position to take full advantage of the opportunities provided by current reinsurance market conditions. We have effectively sought to provide it with access to greater financial capacities specifically dedicated to the reinsurance business as well as high levels of specialized skills. We believe our partner, XL, will now play a significant role in the development of Le Mans Ré. Additionally, we believe our integration into a specialized global Group will afford us the opportunity to take advantage of a network effect, allowing us improved access to the global marketplace."
Le Mans Ré has approximately 130 staff in Le Mans and has offices in Paris, Cologne, Madrid, Toronto, Singapore, Miami, Sydney, and Labuan. On December 31, 2000, its gross written premiums were € 287 million. Le Mans Ré operates in property (facultative and treaty), life and accident, motor and casualty risks. Additional information is available on www.lemansre.com.
The MMA Group is a French group of mutual insurance companies founded in 1828. Its net assets totaled € 1.5 billion and its gross written premiums € 3.4 billion in 2000, of which € 780 million was derived from operations outside France. MMA have approximately 4,800 employees and 1,200 sales offices throughout France. Additional information is available on www.mma.fr.
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. On September 30, 2001, XL had consolidated assets of approximately US$ 25.6 billion and consolidated shareholders' equity of approximately US$ 4.8 billion. More information about XL is available on www.xlgroup.com.
This press release may contain forward-looking statements which involve inherent risks and uncertainties. Statements that are not historical facts, including statements about XL's and MMA's beliefs, plans or expectations, are forward-looking statements. These statements are based on current plans, estimates and expectations. Actual results may differ materially from those projected in such forward-looking statements and therefore you should not place undue reliance on them. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, changes in market conditions and competition, legislative, tax or regulatory changes, natural disasters or other catastrophic events that are more prevalent or significant than expected. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements is set forth in XL's most recent report on Form 10-K and XL's other documents on file with the Securities and Exchange Commission. XL and MMA undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.