Gregorio, a highly regarded insurance industry executive with significant expertise in professional liability products, will be joined by a team of experienced underwriters and will operate out of offices in New York, Dallas and the San Francisco Bay area. This new business will address the insurance needs of law firms and other non-medical services providers and business consultants. Gregorio joins XL from Kemper Insurance where she managed their professional liability business. She will report to Richard Banas, currently CEO of XL's environmental, programs, and surety businesses. The contact information for this new operation is: Reina Gregorio, Senior Vice President, XL Select Professional, One World Financial Center, 200 Liberty Street, 27th Floor, New York, NY, 10281. Telephone: 212-384-6200. Email: Reina.Gregorio@xlprograms.com.
XL's chief executive of insurance operations, Nicholas M. Brown, Jr., said, "The addition of this new business is consistent with our strategy of concentrating on specialty markets that require substantial underwriting skill and product expertise. Reina and her team will greatly complement our significant professional liability presence, which has been largely focused on directors' and officers' liability coverage as well as employment practices liability coverage and errors and omissions coverage for large customers. Reina will also assist in the development of additional miscellaneous professional lines for XL Insurance. She will also work with InsureVianet, an online program manager designed to provide professional liability products to small businesses, utilizing the paper of XL Specialty Insurance Company and other carriers.
Commenting on the decision to join XL, Gregorio added, "I am delighted to be associated with an organization with such an outstanding reputation. The professional liability needs of small and midsized professional services firms have often been overlooked or under-served by large insurance carriers. We are optimistic that our collective underwriting experience and knowledge of professional liability risks for our target markets, enhanced by the integrity and financial strength of XL, will be a welcome addition to the marketplace."
XL America, Inc. is the holding company for all of the U.S. operations of XL Capital Ltd. 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.
This press release may contain forward-looking statements. Such statements are based on current plans, estimates and expectations. Accordingly, forward-looking statements involve inherent risks and uncertainties, and a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement, including, without limitation, that potential synergies between XL's insurance, reinsurance, and financial products and services businesses may not develop to the extent anticipated and that investment returns may be less than expected due to a variety of economic factors. A non-exclusive list of other important factors that could cause actual results to differ materially from those in such forward-looking statements is set forth in XL's most recent report on Form 10-K and XL's other documents on file with the Securities and Exchange Commission. XL undertakes no duty to publicly update or revise any forward-looking statements contained herein in light of new information, future developments or otherwise.