In this new role, Mr. Banas will have responsibility in the U.S. for XL's three professional liability operations: the Hartford-based unit focused primarily on directors and officers liability products, known as XL Professional, which will be managed locally by Mr. Anthony Giacco; the NY-based unit responsible for targeted professional liability products for small and midsize customers, known as XL Select Professional, managed by Ms. Reina Gregorio; and the architects and engineers professional liability operation, XL Design Professional, led by Mr. John Glancy.
Commenting on this change in management structure, Mr. Nicholas M. Brown Jr., CEO of XL's Insurance Operations, said: "Rich Banas has been an extremely valuable leader for XL, providing strong management to several of our U.S. businesses, and successfully expanding our professional liability operations with the addition of XL Select Professional and XL Design Professional. Going forward, Rich will focus all of his time on the leadership of XL's professional liability lines, consistent with our strategy of global product alignment. As global practice leader for XL's professional liability operations, Rich will be in a position to set overall goals and objectives to ensure product line consistency, best practices and appropriate management oversight among the various professional liability underwriting units. We are very fortunate that someone with Rich's management experience and skill can assume this critical role for XL's insurance operations."
As a result of this change in management structure, XL's environmental operations, led by Mr. Rich Corbett, program operations led by Mr. Dave Duclos and surety operations led by Mr. Daryl LaForge, will report directly to Mr. Brown.
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 September 30, 2003, XL Capital Ltd had consolidated assets of approximately $39.6 billion and consolidated shareholders' equity of approximately $7.4 billion. More information about XL Capital Ltd is available at www.xlgroup.com.