Robert R. Lusardi, Chief Executive Officer of the Financial Products and Services segment of XL, which includes XL's financial guaranty operations, said, "David joined XL five years ago to initiate our participation in the financial guarantee business, a market that, until XL, had not had a successful new entrant for more than a decade. David was instrumental in helping us establish our presence in the market and, over that time, in creating the world-class quality staff that we benefit from today. Now that he has successfully helped build XLCA, David has indicated that he looks forward to contemplating new challenges and directions to pursue in his life. On behalf of my colleagues on the Executive Management Board of XL, we would like to express our gratitude to David for his contributions."
Mr. Lusardi also indicated, "I am pleased to announce, as part of an orderly succession plan, Ed Hubbard's appointment as President and Chief Operating Officer. In addition to managing our financial activities, he has been responsible for our investor and client marketing efforts as well as a number of other functions. Ed will be maintaining XLCA's current business strategies and our high standards of client service, credit culture and investor responsiveness."
Mr. Hubbard, who is currently XLCA's Chief Financial Officer and Chief Administrative Officer, joined the Company in 2000, and has 22 years of financial services experience, 14 in the financial guarantee industry. Before joining XLCA, he was a Managing Director at MBIA Insurance Corporation and earlier, Treasurer of Capital Markets Assurance Corporation (CapMAC), which merged with MBIA in 1998. Mr. Hubbard began his career at The Federal Reserve Bank of New York. He holds an MBA with distinction from The Wharton School and an AB, summa cum laude, from Brown University.
XLCA, rated triple-A by Moody's Investors Service, Standard & Poor's Ratings Services, and Fitch Ratings, specializes in commercial and consumer asset securitization; structured investment products; and structured single risk, which comprises U.S. public finance, power & utilities, global infrastructure, future flow securitization, deposit insurance, and whole business securitization. XLCA is an indirect, wholly owned subsidiary of XL Capital Ltd, which, 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.