Mr. Kane will lead the U.S. expansion of XLIGR into primary casualty insurance for U.S.-headquartered Fortune 2000 clients. Products will include general liability, automobile liability and workers compensation insurance. Mr. Kane, who formerly held executive positions at Kemper Insurance Companies and CIGNA Property and Casualty Group, will report to XL Insurance Global Risk CEO, Clive Tobin, and will be based in New York.
XL's chief executive of insurance operations, Nicholas M. Brown, Jr., said, "Dennis Kane has been a well-respected executive in the insurance industry for many years, with significant experience in the large account arena and an outstanding reputation in the insurance market. We are very fortunate to have attracted Dennis and we are confident that he will be a successful leader for our XLIGR business expansion and a valuable addition to our organization."
Regarding Mr. Kane's appointment, Mr. Tobin commented: "We are delighted to have someone of Dennis' ability and professional standing to lead our entry into the large account US primary casualty market. This is the final critical piece of our global expansion, which commenced with the acquisition of Winterthur International in 2001. We will now be able to offer our multinational clients all major property and casualty coverages, from primary to excess, in over 60 countries."
XL America, Inc. is the holding company for all of the U.S. operations of XL Capital Ltd. 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.