The announcement was made at the Association of Insurance and Risk Managers' (AIRMIC) annual conference, taking place in Manchester, England.
XL Insurance Global Risk President and CEO Clive Tobin said: "At a time when risk managers and brokers are acutely aware of financial quality, we believe our new capacity offering will be welcomed in the market. Our P&C companies are amongst the few globally to have maintained their financial ratings. That allows us to be responsive to client needs. We want to be able to deploy our capacity to strengthen our ability to lead programs, offer more depth of choice to clients, and to become a preferred partner. As a one-stop shop offering access to sister companies with significant capacity in casualty, D&O, environmental, energy and marine coverages, we believe we are an increasingly attractive market for brokers and risk managers."
XL Insurance Global Risk's Chief Underwriting Officer of Global Property, Bob Klepper, said: "We want to demonstrate our ongoing commitment to position XLIGR as a leader in the global risk management business by bringing large, meaningful capacity to bear on client programs."
He added: "Clients are looking for more stability, and coupled with the ever- increasing demands for superior credit quality, we want to be a reliable partner and serve as a program anchor in terms of capacity, credit quality and servicing capabilities. As leaders on global programs, the XLIGR companies can not only bring expert technical underwriting to bear, but can also provide quality fronting, risk engineering, and claims services on a worldwide basis."
The XL Insurance Global Risk companies include XL Insurance Company Limited, XL Insurance Switzerland, XL Insurance (Bermuda) Ltd, XL Europe Ltd, XL Insurance America, Inc., XL Select Insurance Company, XL Insurance (Brazil) Seguradora S.A, Winterthur International Argentina SA Compañia de Seguros and XL Magyarország Biztositó Részvénytársaság.
XL Capital Ltd, 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. As of March 31, 2003, XL Capital Ltd had consolidated assets of approximately $37.5 billion and consolidated shareholders' equity of approximately $6.8 billion. More information about XL Capital Ltd is available at www.xlgroup.com.