Robert ("Bob") Douglas, formerly CEO of the XL Re Life unit, has been appointed Chief Executive of XL's global Reinsurance Life Operations. Daniel Sussman, formerly CEO of the XL Financial Solutions unit, has been appointed Chief Executive of XL's global Finanical Lines Operations. Both Mr. Douglas and Mr. Sussman will report to XL's Chief Operating Officer Henry C.V. Keeling.
Mr. Keeling said: "These appointments demonstrate XL's bench strength and commitment to succession planning. Throughout their careers with XL, Bob and Dan have taken on increasing responsibilities and have consistently contributed to the growth of their respective businesses."
He added: "Bob has overseen the development of our reinsurance life business to more than $6 billion in assets since inception in 1999. The business entered the U.S. market recently with a seasoned underwriting team. I know that with his new global management responsibilites, Bob is looking forward to continuing to capitalize on market opportunities.
"Dan has led the XL Financial Solutions business since 2000 and this business was a significant part of our financial segment, formerly known as Financial Products and Services. Last year, Dan was also asked to assume leadership of several other lines of business within this segment. Following the recent Initial Public Offering of our financial guaranty insurance and reinsurance businesses, now under the umbrella of Security Capital Assurance Ltd, Dan will assume full global management responsibilities for the remaining businesses in our financial segment, now called Financial Lines Operations. This segment will continue to serve as an important part of XL's portfolio, complementing our core Insurance and Reinsurance business segments."
The Company's Financial Lines Operations consist of XL Life Insurance and Annuity Company, XL Weather & Energy, Inc., XL Financial Solutions Ltd., and XL's political risk insurance business.
XL Capital Ltd, through its operating subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products and services to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis. As of June 30, 2006, XL Capital Ltd had consolidated assets of approximately $58.5 billion and consolidated shareholders' equity of $8.5 billion. More information about XL Capital Ltd is available at www.xlgroup.com.