The XL Ian R. Heap Memorial Scholarship, a merit-based scholarship, will be granted for the first time in 2008 and administered by the Spencer Educational Foundation, Inc., an organization dedicated to supporting undergraduate, graduate and doctoral students in the risk management and insurance disciplines. XL’s commitment of $100,000 will allow the Spencer Educational Foundation to award scholarships in $5,000 increments to students who are pursuing degrees in risk management or insurance in the US.
XL’s President and Chief Executive Officer Brian M. O’Hara said: “Education is the primary focus of XL’s global Corporate Social Responsibility program and it is an honor and fitting for us to make this commitment to further education in the name of the late Ian Heap. While he accomplished so much without the benefits of further education or a financially advantaged background, Ian was a strong proponent of helping others to reach their potential.”
During his distinguished career in the property/casualty commercial insurance industry, Mr. Heap served as Chairman and CEO from 1986 to 1988. He became President and CEO of Bermuda-based property catastrophe reinsurance company Mid Ocean Reinsurance Company in 1992, which later merged with XL in 1998. While he retired from Mid Ocean Re in 1993, Mr. Heap remained closely connected to XL as a Director on the Board until 2002 then as a member of the XL Capital Group Advisory Council until April 2006.
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 March 31, 2007, XL Capital Ltd had consolidated assets of approximately $62.1 billion and consolidated shareholders' equity of approximately $11.3 billion. More information about XL Capital Ltd is available at www.xlgroup.com.