Ms. McFate, who is also an Executive Vice President of XL Global Services, will be responsible for overseeing XL’s global liquidity, funding, cash management, foreign exchange, balance sheet and capital management.
Prior to joining XL, Ms McFate was with American International Group, Inc. for over eight years in a variety of senior financial positions, including Vice President and Treasurer. Before that, she was a Senior Vice President with the Financial Restructuring Group of Prudential Insurance Company of America. During her six years with Prudential, she held various investment management positions in the private placement group of Prudential Investment Corp. From 1983 to 1988, Ms McFate was the Assistant Treasurer at Macmillan, Inc. and prior to that she served as Senior Account Officer in corporate lending with Citibank, N.A.
Ms McFate holds a Masters of Business Administration from Harvard Business School and a Bachelor of Science Degree in Economics from Juniata College in Huntingdon, Pennsylvania. She is also a Chartered Financial Analyst (CFA).
XL Chief Financial Officer Jerry de St. Paer said: “Carol is highly experienced in the global insurance and reinsurance industry. This along with the combination of her depth of knowledge and experience in the financial industry will contribute greatly to XL’s global business strategy. The post of Global Treasurer is a key executive appointment for XL and we are fortunate to have someone of Carol’s caliber join our management team.”
Commenting on her new post, Ms McFate said: “I’m delighted to have joined a company like XL that is in a strong position in the global insurance/reinsurance markets. My team will focus on building out and enhancing its global treasury infrastructure, which will help support XL’s growth to the next level of achievement in the industry.”
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, 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.