Michael S. McGavick, XL’s Chief Executive Officer, stated: “We are very disappointed with S&P’s decision, particularly in light of the many positive comments S&P made about XL in its release.”
He said: “While economic uncertainty continues to exist, at this time we have no need or intent to seek additional capital and will continue to focus on what we do best: serving our customers and operating our franchise. As a company rated “A” (strong) by S&P, we expect to remain a strong competitor in both insurance and reinsurance. We will also continue the enhancement of our enterprise risk management, the de-risking of our investment portfolio, as well as the ongoing strategic review of our life reinsurance operations.”
XL also separately confirmed that it does not have any investments in any funds managed by Bernard L. Madoff Investment Securities LLC.
XL Capital Ltd, through its operating subsidiaries, is a leading provider of global insurance and reinsurance coverages to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis. More information about XL Capital Ltd is available at www.xlgroup.com.
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This press release contains forward-looking statements. Such statements involve inherent risks and uncertainties. Statements that are not historical facts, including statements about XL’s beliefs or expectations, are forward-looking statements. These statements are based on current plans, estimates and expectations. Actual results may differ materially from those projected in such forward-looking statements and therefore you should not place undue reliance on them. A non-exclusive list of the important factors that could cause actual events or results to differ materially from those in such forward-looking statements include the important factors 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 update or revise publicly any forward-looking statement, whether as a result of new information, future developments or otherwise.