The educational initiative, known as the China Insurance Industry Executive Leadership Program, is designed to support the development of leadership talent in the People's Republic of China insurance industry.
The program is the first Sino-foreign insurance leadership course endorsed by the China Insurance Regulatory Commission ("CIRC") to include sessions in both China and other countries. The first module was a five-day program conducted in Beijing in March 2006 and was led by university professors, insurance scholars and executives, including XL Chairman Michael P. Esposito, Jr., and XL President and Chief Executive Officer Brian M. O'Hara. Up to 50 participants attended the Beijing leg of the program.
Twenty five of the participants of the first part of the program are currently participating in the final component which includes a series of discussions in Bermuda, New York and Philadelphia highlighting strategic choices facing the China government and insurance industry on both local and international levels.
Upon completion of the program, participants will receive a certificate issued jointly by the CIRC and Wharton School of the University of Pennsylvania during a graduation ceremony on November 2 in Philadelphia.
XL President and Chief Executive Officer, Brian M. O'Hara, commented: "I am pleased to welcome the China delegates who have worked hard and traveled far to complete this educational program. We believe this program will lead to opportunities for growth for the Chinese insurance market and its people. XL has long supported education initiatives within many of the local communities in which it operates. Since the opening of XL's Representative Office in Beijing this year, the program has been a tangible first step in demonstrating our commitment to a country which is fast becoming a major player in the global economy. We are committed to China's long-term development in the insurance industry and will continue working closely with the CIRC and our Chinese partners to help introduce international insurance theories and practice in China."
XL is the main financial sponsor of the initiative which has been developed in conjunction with the Aresty Institute of Executive Education at Wharton and co- sponsored by the GuoFa Capital Market Research Center.
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 September 30, 2006, XL Capital Ltd had consolidated assets of approximately $59.8 billion and consolidated shareholders' equity of $9.5 billion. More information about XL Capital Ltd is available at www.xlgroup.com.