XL also announced that its U.S. marine and offshore energy operations, previously part of Brockbank Insurance Services, Inc., will be operating under the trade name of XL Marine and Offshore Energy as a division of XL Specialty Insurance Company.
Nicholas M. Brown, Jr., chief executive of XL's insurance operations said: "I am gratified that Nick Metcalf and Steve Cullen, both highly regarded professionals in the marine and offshore energy market, have accepted these added responsibilities. I fully expect that Nick, Steve, and the underwriting teams in London, New York and Neufchatel, Switzerland, will achieve great success in today's dynamic marketplace and will capitalize on the tremendous opportunities in marine and offshore energy worldwide."
Commenting on the announcement, Nicholas J. Metcalf, who will also continue to serve as the leader of XL London Market Group Ltd, XL's Lloyd's operations, said: "I have known Steve Cullen for many years, and I have worked closely with him in connection with XL's global marine practice since he joined XL two years ago. The Company is fortunate to have such a talented professional in the global marine and energy practice."
XL's marine and offshore energy business is underwritten on an admitted basis in the US, with policies issued by XL Specialty Insurance Company, rated A+ (Superior) XV by A.M. Best and AA (Very Strong) by Standard and Poor's. Syndicates managed by XL London Market Ltd underwrite XL's marine and offshore energy products in the London market. Other markets are serviced through the XL Winterthur International family of companies.
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, 2002, XL Capital Ltd had consolidated assets of approximately $31.2 billion and consolidated shareholders' equity of approximately $5.4 billion. More information about XL Capital Ltd is available at www.xlgroup.com.
This press release contains 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 Capital Group'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 Capital Group undertakes no duty to publicly update or revise any forward-looking statements contained herein in light of new information, future developments, or otherwise.