In keeping with XL's focus on education and in recognition of the long term needs of the impacted region, the Company will provide funds to rebuild a school and library, as well as provide scholarships for children in the affected area. This support will be primarily provided through grants made to the China Youth Development Foundation's (CYDF) Project Hope Emergency Disaster Relief Action, which has been designated to coordinate the education sector of the earthquake disaster relief.
The Company’s global insurance risk engineering operation, XL GAPS, will also be offering assistance on earthquake emergency preparedness and other risk services expertise. In addition to grants made by the XL Foundation to support the disaster recovery and rebuilding efforts, the Company will match employees' donations to CYDF’s Project Hope Emergency Disaster Relief Action.
XL CEO Michael S. McGavick said: “Given the magnitude of the loss of life and damage caused by the recent earthquake in China, XL is committed to providing relief in this area. It is a tragic fact that children are one of the most affected groups in the disaster area. Rebuilding a school and a library, and offering scholarships with funds provided by the XL Foundation, will support children impacted by this tragedy to continue their studies and regain some stability in their lives. By partnering with an organization like China Youth Development Foundation, XL’s aim is to carry out this rebuilding initiative in the most effective way possible.”
XL Capital Ltd, through its operating subsidiaries, is a leading provider of global insurance and reinsurance coverages to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis. As of March 31, 2008, XL Capital Ltd had consolidated assets of $54.8 billion and consolidated shareholders’ equity of $9.3 billion. More information about XL Capital Ltd is available at www.xlgroup.com.