The team will be headed by James Weatherstone who will report to Dermot O’Donohoe as Head of XL Professional in Europe.
The formation of this team marks the next phase of XL Professional’s build out. Said Mr. O’Donohoe: “The addition of the XLLM Professional Lines team is a significant development for our European platform, and is a key part of XL’s strategy of organising its underwriting by product line rather than by business unit. London is an important centre for international D&O and E&O business and the new London branch will complement our existing London market business, as well as add depth to the types of products and customer segments we can serve.
Commenting on the initiative Mr. Weatherstone added: “This is an exciting development for us and the expertise of the London team reflects the XL Capital Group group’s core value proposition of fundamental strength in capital and people. The XL Professional London team will be able to focus on the business most suited to its skill sets and customer base.”
The XL Professional London team will bring significant capacity into the market and focus on three core product areas:
Directors & Officers (D&O) opportunities primarily for UK and non-US corporations.
Professional Indemnity opportunities for US Law Firms, Management Consultants, Architects & Engineers and other miscellaneous professions.
Professional Indemnity Bankers Blanket Bond and D&O for non-US financial institutions.
In London, as elsewhere in Europe, XL Professional will be an excess market for D&O and E&O lines of business with significant capacity available for this purpose. Policies will be issued by XL Europe Limited in Dublin.
Each XL Professional underwriting team concentrates on certain classes of business and targets specific customer segments within these classes. Joey O’Dea is responsible for the Dublin office while the development of XL Professional’s business in continental Europe is led by Marc van der Veer, based in Amsterdam.
Dublin will continue to focus on Professional Indemnity and targeted Directors and Officers classes while in continental Europe the focus will almost exclusively be on Director’s & Officers.
XL Professional specializes in professional indemnity, directors and officers liability insurance, employment practices liability, and management liability on both a primary and excess basis. With underwriting teams based in Hartford (Connecticut), Bermuda, Dublin, London, Winterthur, Amsterdam and Paris, and bringing significant capacity to the marketplace globally, XL Professional counts itself as one of the top 5 underwriters of these classes in the world.
XL Professional will be writing business through XL Europe Limited, whose ultimate parent company is XL Capital Ltd. Through its operating subsidiaries, XL Capital Group 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, 2002, XL Capital Ltd had consolidated assets of approximately $35.6 billion and consolidated shareholders’ equity of approximately $6.6 billion. More information about XL Capital Ltd is available at www.xlgroup.com