Mr. Clements had been a director of XL since its formation in 1986. He was Chairman of Marsh & McLennan Risk Capital Corp. from 1994 to 1996, President of Marsh & McLennan Companies, Inc. from 1992 to 1994, a Director of Marsh & McLennan Companies, Inc. from 1981 to 1997 and was Senior Principal of Marsh & McLennan Capital from 1996 to February, 2001. From 2001 to 2002, Mr. Clements served as Chairman of the Board of Overseers of The School of Risk Management, Insurance and Actuarial Science and is now Chairman Emeritus. He currently serves as Chairman of Arch Capital Group Ltd.
Michael P. Esposito Jr, Chairman of XL, noted: "Bob Clements is appropriately acknowledged as the genius behind the formation of ACE and XL. We have been privileged to have his significant talents contributing to the XL Board for the last sixteen years. We will miss his creativity, his wise counsel and his unwavering loyalty both to the XL Board and our company."
Brian M. O'Hara, President and Chief Executive Officer of XL, added: "It is only fitting at this time, as Bob dedicates his remarkable talents to Arch Capital, that we reflect on and acknowledge his contributions to XL's genesis and development. Sixteen years ago, Bob's vision for the new Bermuda companies, ACE and XL, was for them to take their place among the vanguard of the world insurance industry. Today, with his guidance, expertise and commitment, this vision has become a reality."
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 at December 31, 2001, XL had consolidated assets of approximately $28.0 billion and consolidated shareholders' equity of approximately $5.4 billion. More information about XL is available at www.xlgroup.com.