Ms. Lerner will be responsible for new business development of XLWE's weather risk management products within the agriculture sector. Prior to joining XLWE, she held senior trading and marketing positions with Cargill International, S.A., Cargill Inc., Phibro and Sempra Energy. She will be based at the Company's headquarters in Stamford and will report to Barney Schauble, head of the Company's weather marketing operations.
According to Mr. Robert Lusardi, Chief Executive of XL Capital Ltd's Financial Products and Services segment and interim CEO of XL Weather & Energy: "XLWE has been successful with its weather risk management products since introducing them three years ago, particularly for utility, energy and retailing firms. Perhaps more so than other industry sectors, agricultural operations can be highly susceptible to variations in the weather and XLWE's products can help mitigate the effects of these variations. We are pleased to welcome Julie to the team and hope to use her considerable experience in the agriculture sector to further develop our weather business."
Mr. Cassity will join XLWE's unit outage and contingent-risk operation and will be based at the Company's Overland Park, Kansas office. He joins XLWE from PacifiCorp where he was Manager of Resource Planning. Mr. Cassity has also held senior marketing positions at Aquila, Inc. with responsibility for developing and marketing a range of contingent-risk products for energy concerns in the Western region of the US. He will report to Joseph Leto, head of the Company's contingent-risk marketing operation.
Mr. Lusardi said: "We began offering power generation unit outage insurance products in our energy business last year and have been pleased with the results. Having concentrated our efforts on the eastern half of the US, we want to grow the business and expand our marketing coverage throughout the country. John not only brings considerable experience of contingent risk product marketing but also a detailed knowledge of energy operations in the west."
About Weather Risk Management Products
Weather risk management products are designed to help companies mitigate the effects on production or sales related revenues caused by variations in normal weather conditions. Weather events covered include those relating to temperature, rainfall and snowfall. Businesses which can be exposed to weather risk include those in the agriculture, construction, energy, entertainment, manufacturing, retail, travel and tourism sectors.
About Unit Outage Products
Unit outage products are designed to protect companies operating electricity generating units from unplanned unit outages especially during periods of high market price for power. The products can help offset the cost associated with companies of having to purchase market power for a defined period during which their generating unit is experiencing an outage event.
About XL Weather & Energy
XL Weather & Energy, Inc. is a provider of innovative risk management products that allow businesses to mitigate their non-catastrophic weather and contingent energy risk. XL Weather & Energy is a subsidiary of XL Capital Ltd (NYSE: XL), which, through its subsidiaries, is a leading provider of insurance, reinsurance, and financial products to industrial, commercial clients on a worldwide basis. . As of December 31, 2003, XL Capital Ltd had consolidated assets of approximately $40.8 billion and consolidated shareholders' equity of approximately $6.9 billion. More information about XL Capital Ltd is available at www.xlgroup.com.