XL Winterthur International President and CEO Clive Tobin said: “We are very pleased by the new financial ratings that Moody’s has assigned to XL WIIS and XL WIICL. Moody’s has indicated that we are well-positioned due to our ultimate parent company, XL, and that our Global Risk Management product is backed by a seasoned management team. They have also recognized that we are strategically positioned to take advantage of current hard market conditions with our overall spread of risk and solid liquidity.”
XL acquired WIIS and WIICL when it purchased the Winterthur International companies and select portfolios from Winterthur Insurance, a subsidiary of the Credit Suisse Group in July, 2001. XL will discontinue use of the Winterthur name in early 2003.
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, 2002, XL Capital Ltd had consolidated assets of approximately $34.1 billion and consolidated shareholders' equity of approximately $5.9 billion. More information about XL Capital Ltd is available at www.xlgroup.com.