Scott Ryrie, General Manager - Asia Pacific, will be responsible for the XL Re Ltd branches in Singapore and Sydney. Both branches carry the XL Re Ltd "AA" rating. XL Re Ltd is also in the process of applying for a reinsurance branch license in Labuan.
The combined Singapore operation will write all classes of treaty business and property facultative. The operation also expects to write life business, subject to the approval of the Monetary Authority of Singapore. The territorial scope of the Singapore branch will be Asia, excluding Japan. The Australian branch will write Australia and New Zealand business.
Henry Keeling, Chief Executive of Reinsurance Operations for XL Capital Ltd, said: "The goal behind the merger of the Singapore branches is to create an operation that will act as a regional hub for the development of XL Re Ltd's business in Asia and Australia. While business will continue to be underwritten in Sydney, management of the Australian branch will be directed from Singapore."
Jamie Veghte, President, Chief Operating Officer and Chief Underwriting Officer of XL Re Ltd, said: "We are very pleased with the rapid progress Scott and his team have made in integrating the XL Re Ltd and Le Mans Ré teams into a single cohesive unit. Singapore is an ideal location to coordinate our activities in the Asia Pacific region."
Mr. Ryrie added: "We have a solid underwriting team and, given the attractive market environment, we believe that we are in a strong position to selectively grow the portfolio."
In January 2002, XL completed its acquisition of a 67% majority shareholding in Le Mans Ré, formed as a joint venture reinsurer by XL and Mutuelles du Mans Assurances (MMA) in 1999. MMA retains a 33% stake in Le Mans Ré.
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 results to differ materially from those contained in any forward looking statement. Actual results may differ materially from those projected in such forward-looking statements, including, without limitation, that potential benefits from the merger of the Singapore branches may not develop to the extent anticipated due to a variety of important factors. 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 annual report on Form 10-K, quarterly report on Form 10-Q and XL's other documents on file with the Securities and Exchange Commission. XL undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.