XL is to move to the new premises in the summer of 2004, consolidating its eight City of London based businesses - and more than 500 staff - under one roof. The new seven-storey location will provide XL with 125,000 square feet of office space.
XL operating units and legal entities which are set to relocate include XL Re Ltd (London Branch Office), XL London Market Ltd, XL Insurance Company, Ltd, XL Capital Assurance (U.K.) Limited, XL Services (U.K.) Limited and XL Financial Solutions.
The decision to consolidate was taken after the continuing growth in XL's businesses in London and Europe.
XL has acquired a 25 year lease from Synergy Gracechurch Limited, a company formed, financed and managed by Active Asset Investment Management (aAIM) - a new property advisory and fund management company. In a formal ceremony held last Thursday, July 17 at 70 Gracechurch Street, founding aAIM investor Sir Alex Ferguson, Manager of Manchester United Football Club, handed the keys to Mr. Clive Tobin, a Member of XL's Executive Management Board.
XL's CEO, Mr. Brian M. O' Hara said: "XL's consolidation in a new UK headquarters office in the heart of the City provides significant operating synergies. The move confirms our long term commitment to London as one of the premier insurance and reinsurance centers and as a major platform for our global business."
Mr. Henry Keeling, the London based Chief Executive of XL's Reinsurance Operations said: "Bringing together all XL Capital Group's London staff in one building will enable our clients to benefit further from the fundamental strength of our capital and people by having the full range of XL's expertise available from one site. We are pleased formally to have the keys to 70 Gracechurch Street and look forward to making the move next year."
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.