According to XL Environmental Chief Executive William Kronenberg III, "The name change to XL Environmental is a sensible and natural progression for ECS. The new name aligns us more closely with the XL Capital Ltd and it more clearly communicates our environmental risk management expertise."
"ECS has been an important contributor to the profitable growth of XL Insurance," according to Nicholas M. Brown, Jr., Chief Executive of XL's insurance operations. "Today's name change supports the commitment of XL Insurance to providing specialty underwriting expertise to business and industry worldwide."
Kronenberg added, "With our employees' expertise in environmental risk management and our ability to deliver quality products and services, XL Environmental will carry on with ECS' already hard-earned reputation for worldwide leadership in providing environmental risk solutions." "We hold a very distinct position in the marketplace," said XL Environmental President Richard Corbett. "Our proven success is based on designing tailored pollution insurance programs, on providing successful environmental, health and safety programs that help businesses control their risks and in offering claims administration services that help further manage environmental liabilities."
"Operating as XL Environmental, we will continue to bring our clients innovative and integrated environmental risk management solutions, backed by the reputation and financial strength that go along with the XL name," Corbett added. "Just as we did operating under the ECS name, we will continue to complement our environmental risk management products and services by offering solutions that help a variety of our clients manage their professional liability, transportation and general liability exposures as well."
XL Environmental provides integrated environmental risk management solutions to business and industry worldwide, meeting the diverse needs of its customers through insurance, risk control and claims management. 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 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 or at www.xlenvironmental.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 and 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.