Mr. Baker has almost 20 years experience in the Bermuda insurance market, having begun his career with Marsh and McLennan, and most recently serving as CEO of the Bermuda branch of Zurich Insurance Company. He will report to Mr. Clive Tobin, who is President of XL Insurance (Bermuda) Limited and CEO of XL's commercial large account insurance business known as XL Insurance Global Risk ("XLIGR").
Said Mr. Tobin: "Don's insurance knowledge and reputation in the Bermuda market, along with his financial expertise, will be an enormous asset to XL. Don will also serve as the Director of Global Programs for XLIGR, where he will be a key driver in administering our global network for multinational clients."
Nicholas M. Brown, Jr., CEO of XL's insurance operation also commented: "We are pleased to have someone of Don's caliber join our insurance operations and fill this important leadership role in Bermuda. I am sure Don's market presence and leadership capabilities will contribute greatly to the continued success of our insurance businesses."
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 June 30, 2003, XL Capital Ltd had consolidated assets of approximately $39.2 billion and consolidated shareholders' equity of approximately $7.6 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. A non-exclusive list of the 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 reports on Form 10-K, Form 10-Q 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.