Sarah E. Street, Chief Executive Officer of XL subsidiary, XL Capital Group Investment Partners Inc., said: "Over the past six years, XL has developed a track record of success in forming strategic relationships with highly talented and motivated investment professionals who are also entrepreneurs and business builders. The principals of Artemis are building a specialty asset management firm that we believe will generate superior investment performance for its investors and enterprise value for its shareholders. We are looking forward to working closely with the principals of Artemis to assist them in achieving their long- term strategic goals for the firm."
Artemis Managing Principal Michael Kass stated: "We were attracted to XL because of its well-earned reputation for partnering with successful investment managers and helping them build successful businesses." Artemis Managing Principal Adrian Jones added: "There are very few institutions who understand our business the way XL does. We are very pleased to have the opportunity to work with them."
As of December 31, 2004, XL held minority stakes in eight independent investment management companies managing over $30 billion of assets in aggregate.
Artemis Advisors, LLC was formed in 2003 by its principals, Adrian Jones and Michael Kass. The firm manages Artemis Partners, L.P, founded in 1998, and its sister funds, Artemis International, Ltd. and Artemis Partners II, L.P., all of which had previously been managed by the principals of Artemis while at another financial institution. Artemis Advisors currently manages in excess of $300 million.
XL Capital Ltd, through its operating subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products and services to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. As of December 31, 2004, XL Capital Ltd had consolidated assets of approximately $49.0 billion and consolidated shareholders' equity of approximately $7.7 billion. More information about XL Capital Ltd is available at www.xlgroup.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 results to differ materially from those contained in any forward-looking statement. Actual results may differ materially from those projected in such forward-looking statements due to a number of factors, including, without limitation, that potential synergies between XL's insurance, reinsurance and financial products and services businesses and the strategic relationship with Artemis Advisors LLC may not develop to the extent anticipated and that investment returns may be less than expected due to a variety of economic and other important 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 annual report on Form 10-K, quarterly report on Form 10-Q and XL's other documents on file with the Securities and Exchange Commission. XL undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.