Charles Rudd, Chief Executive of XL Aerospace, stated: "The trade name change to XL Aerospace is intended to enhance the clarity of our capabilities, expertise, and focus in space and aviation insurance. We have knowledgeable and experienced underwriting teams in space and aviation, backed by the reputation and financial strength that are associated with the XL name."
Nicholas M. Brown, Jr., Chief Executive of XL Insurance, said: "With the expertise of Chuck Rudd and his team, XL has established itself as a world leader in aerospace and an important contributor to the profitable growth of XL's insurance operations. The trade name change communicates well XL's strategy of providing highly specialized underwriting expertise to the space and aviation sector."
XL Aerospace Executive Vice President Inken Gerlach added: "We hold a very distinct position in the marketplace. Our proven success is based on significant expertise in understanding our clients' risks and developing insurance programs to meet their needs. Operating as XL Aerospace, we will continue to bring our clients responsive and innovative risk management solutions."
XL's space and aviation business is underwritten on an admitted basis in the United States, 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 also underwrite XL's aviation business in the London market.
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.