Chief Executive of XL’s Insurance operations, Nicholas M. Brown, Jr., said: “Establishing Fine Art and Specie as a global practice under Neil Robertson’s leadership will enable us to leverage the resources within the group most effectively. I am sure that Neil and his teams in London, New York, and Neuchatel, Switzerland, will achieve great success in today’s dynamic marketplace.”
Also commenting on the announcement, Chief Executive of XL London Market Ltd, Nicholas J. Metcalf, said: “I am grateful that Neil Robertson, who is a highly regarded professional in the Fine Art and Specie market, has accepted these additional responsibilities. I look forward to working closely with the teams in what are extremely exciting market conditions.”
XL Fine Art and Specie provides specialty insurance to clients in the fine art, jewelry and banking/armoured car sectors. Coverage is provided for all aspects of fine art, from personal collections to exhibitions at major museums and institutions. A range of products are offered to the various aspects of the jewelry industry, from the mining of raw materials through to the retailing of the finished product, specialising in the diamond and watch-making businesses. The premises and transit risks of various valuable commodities (such as cash or bullion) are also covered, with clients including banks and armoured car operators.
XL’s fine art and specie business is underwritten on an admitted basis in the US, with policies issued by XL Specialty Insurance Company, rated A+ (Superior) XV by A.M. Best and AA (Very Strong) by Standard and Poor’s. Syndicates managed by XL London Market Ltd. underwrite XL’s fine art and specie products in the London market. Other markets are serviced through the XL Winterthur International family of companies.
For more information, visit http://www.xlinsurance.com/fas
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, 2002, XL Capital Ltd had consolidated assets of approximately $34.1 billion and consolidated shareholders’ equity of approximately $5.9 billion. More information about XL is available at www.xlgroup.com.
This press release contains forward-looking statements. Such statements are based on current plans, estimates and expectations. Accordingly, forward-looking statements involve inherent risks and uncertainties and a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement, including, without limitation, that potential synergies between XL Capital Group’s insurance, reinsurance and financial products and services businesses may not develop to the extent anticipated and that investment returns may be less than expected due to a variety of economic factors. A non-exclusive list of other 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 Exchange Commission. XL Capital Group undertakes no duty to publicly update or revise any forward-looking statements contained herein in light of new information, future developments, or otherwise.