This new unit will underwrite North American casualty umbrella and excess business from XL's London office at 70 Gracechurch Street. The $50 million capacity will be independent of and additional to XL's existing U.S. casualty capacity available through Bermuda, Dublin or the US. The issuing carrier will be XL Europe Ltd, rated AA- by Standard & Poors.
Keith Fisher, Chief Underwriting Officer - Casualty for XL's Insurance Operations, said "We are delighted that this team is joining XL. They have an excellent underwriting record with nearly 100 years of combined underwriting experience and are well respected in the London market."
Dermot O'Donohoe, Chief Executive, UK & Ireland for XL's Insurance Operations, added "London as a wholesale market is very important to XL since it attracts quality business. We anticipate that this new team will service this business with similar success to that already achieved in the London market."
"XL Insurance" is the brand name used by XL Capital Ltd's (NYSE: XL) ("XL") global insurance operations, which through its own operations and network of fronting partners, offers primary to excess cover in multiple products in approximately 65 countries.
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, 2005, XL Capital Ltd had consolidated assets of approximately $50.9 billion and consolidated shareholders' equity of approximately $7.8 billion. More information about XL Capital Ltd is available at www.xlgroup.com.