This appointment arises as part of Le Mans Ré's decision to create a new Chief Underwriting Officer position in its organization. The objective is to develop Le Mans Ré's underwriting activity in an even more consistent and efficient way in its markets within XL Capital Group's reinsurance operations (XL Re).
Philippe Rochaix, 38 years old, graduated from ISA/HEC MBA and ESIEA engineering "Grande Ecole", started his career in the insurance industry in 1988 with Nationwide Insurance (Columbus, USA). In 1993, he joined the reinsurance broker Le Blanc de Nicolaÿ (now AON Re) in Japan as Country Manager for Korea and China and became in 1996 Regional Director based in Singapore. In 1998 he joined Le Mans Ré to manage the Singapore, Sydney and Labuan offices, and was actively involved in their integration within the respective XL Re's offices.
Philippe Rochaix said: "I am very pleased to join my colleagues at Le Mans Ré and supervise a team of experts recognized in their fields, whether it is in property, specialty lines or life, accident & health. Together, we will seek to implement the successful strategy of the company that aims to establish Le Mans Ré as a significant player in our markets."
Charles Werner Skrzynski, CEO of Le Mans Ré said: "The appointment of Philippe Rochaix as Life and Non Life Chief Underwriting Officer of Le Mans Ré is an additional and decisive contribution to our human capital for our further development in the reinsurance industry, in our regional markets as well as in XL Capital Group's reinsurance operations. While relying on our core competencies, we believe Le Mans Ré will be more than ever able to respond to our clients' needs."
Le Mans Ré, an XL Capital Group company, is a multi-line French reinsurance company that conducts its underwriting business mainly in Europe, Africa, Middle East and North America. Le Mans Ré is a subsidiary of XL Capital Ltd (67%) and MMA (33%). Le Mans Ré operates in the areas of property, casualty, life, accident and health reinsurance. Le Mans Ré has a team of 158 employees located between the head office in Le Mans (France), and its offices in Paris, Cologne, Madrid, and Toronto. As at December 31, 2002, its gross premiums written equalled 406 million euros, its share capital 205 million euros and its shareholders' equity 282 million euros. Additional information is available on: www.lemansre.com and 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 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 Capital Group's most recent report on Form 10-K and XL Capital Group's other documents on file with the Securities 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.