XL is the main financial sponsor of the initiative, the China Insurance Industry Executive Leadership Program, which has been developed in conjunction with the Aresty Institute of Executive Education at the Wharton School of the University of Pennsylvania ("Wharton"). Co-sponsored by the GuoFa Capital Market Research Center, the program is the first Sino-foreign insurance leadership course endorsed by the China Insurance Regulatory Commission ("CIRC") to include sessions in both China and other countries.
The five-day program will be conducted in two modules and is to be led by university professors, insurance scholars and executives, including XL Chairman, Michael P. Esposito, Jr., and XL President and Chief Executive Officer, Brian M. O'Hara. It will include a series of discussions highlighting strategic choices facing the government and insurance industry on both local and international levels, and address challenges and opportunities presented by China's emergence in the global market. Course participants will also examine the fundamental principles of risk and capital management. A second module will take place in October in Philadelphia and Bermuda.
Up to 50 participants will attend the Beijing leg of the program, 25 of whom will be selected to travel on to Philadelphia and Bermuda. Those who complete both modules will receive a certificate issued jointly by the CIRC and Wharton.
XL President and Chief Executive Officer, Brian M. O'Hara, commented: "We have been involved in the design and implementation of the program from the outset so I am very pleased to see it become a reality. As a cooperative partner, advisor and investor in the Chinese insurance industry, we are committed to its long- term development. Indeed, the recent opening of XL's Representative Office in Beijing was a tangible first step that demonstrated our commitment to a country which is fast becoming a major player in the global economy. Today, we are pleased to be able to take another step by offering our support to the China Insurance Industry Executive Leadership Program.
"Education is the overarching theme of XL's Corporate Social Responsibility and we believe this program will lead to opportunities for growth for the Chinese insurance market and its people. We are now working closely with CIRC and our Chinese partners to help introduce international insurance theories and practice in China. We believe that this approach will not only contribute to the continuing growth and development of the industry but will support the Chinese Government's goal of encouraging an awareness of global competition among the country's domestic insurance companies."
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 December 31, 2005, XL Capital Ltd had consolidated assets of approximately $58.4 billion and consolidated shareholders' equity of approximately $8.5 billion. More information about XL Capital Ltd is available at www.xlgroup.com.