XL President and Chief Executive Officer, Brian M. O'Hara, is scheduled to announce the initiative this evening at the official opening at 70 Gracechurch Street. More than 500 XL employees from six locations throughout London have relocated to the new seven-storey building in the heart of the City.
XL's decision to consolidate London office space was taken after the continuing successful growth of its businesses in London and Europe. The operating units and legal entities housed in the new location include XL Re Ltd (London Branch Office), XL London Market Ltd, XL Insurance Company Limited, XL Capital Group Assurance (U.K.) Limited, XL Services UK Limited, and XL Financial Solutions.
Mr. O'Hara said : "The consolidation of our offices in London not only provides significant operating synergies and opportunities for our people, it also reaffirms our belief that London, as a premier insurance and reinsurance center, remains a significant part of our global business platform."
He added that the London operations' support of Community Links' "Project Re- enter" underscored XL's commitment to corporate social responsibility and its interest in expanding London's pool of talent. Project Re-enter seeks to enhance opportunities for young people in East London who are struggling at school by providing intensive educational support at the critical stage when they are making the transition from primary to secondary education.
Mr. O'Hara said: "XL, like Community Links, has a history of pioneering new ideas to assist young people in reaching their full potential. We trust that the combination of our financial commitment and Community Links' dedicated human resources will produce achievers inside the classroom and beyond."
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, 2004, XL Capital Ltd had consolidated assets of approximately $45.5 billion and consolidated shareholders' equity of approximately $7.1 billion. More information about XL Capital Ltd is available at www.xlgroup.com.