Mr. Kronenberg will be succeeded by Rich Banas, previously Executive Vice President and Chief Underwriting Officer of XL's Insurance Operations. Mr. Banas joined the XL Insurance management team in 2001, after serving as a Managing Director of One Beacon and, previously, Senior Vice President of Insurance Operations at CGU. From 1974 to 1995, Mr. Banas served in underwriting and business development capacities at St. Paul Fire and Marine. Reporting to Mr. Banas in his new role will be Rich Corbett, President of XL Environmental, Jeff Lejfer, President of XL Programs and Daryl LaForge, President of XL Surety.
Commenting on the management changes, Mr. Nicholas M. Brown, Jr., Chief Executive of XL's Insurance Operations stated: "Bill built XL Environmental from the ground up and over the last 17 years he created a highly regarded niche operation in this complex specialty business. While we were disappointed to learn of his decision to retire from the Company, we are fortunate that he developed a strong management team that is well positioned to continue to grow the business."
"I am also delighted that we had an internal candidate with the talent and experience to fill Bill's position. Rich Banas is a well respected, high caliber insurance executive who brings tremendous skill to this important role at XL's Insurance Operations."
Brian M. O'Hara, President and Chief Executive Officer of XL, said: "Bill Kronenberg is an extremely talented individual who had the vision and skill to build a world class franchise that has become very valuable to XL. I extend my heartfelt congratulations to Bill for his accomplishments. His departure is a loss for the Company, but I wish him well in his new endeavors. I also congratulate Rich Banas on his new role. We will surely benefit from Rich's vast knowledge and experience and we are enthusiastic about the prospects for continued success at XL Environmental and XL Programs with Rich at the helm and with the continued contributions of the very capable management and staff at XL Environmental and XL Programs."
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, 2002, XL Capital Ltd had consolidated assets of approximately $30.6 billion and consolidated shareholders' equity of approximately $5.5 billion. More information about XL Capital Ltd is available at www.xlgroup.com.