The XL Insurance Company Limited Singapore branch will act as the management and underwriting hub for the Asian region, with an initial focus on Directors and Officers Liability, Fine Art and Specie, Casualty, Energy and Construction insurance. The office will be headed by Andrew Vigar, XL Insurance's Regional Manager for Asia.
Stefan Zemp, XL Insurance's Regional Chief Operating Officer for Continental Europe and Asia, said: "The establishment of our Singapore branch is an important step in XL Insurance's long-term commitment to the Asian market. We are very excited by the possibilities that a strengthened presence in the region affords us. The new Singapore office enables us to better respond to the insurance needs of our growing customer base across Asia."
Mr. Vigar added: "This move allows us to provide significant insurance capacity and expertise locally. We will underwrite business for local companies looking to manage their overseas exposures and foreign companies operating in Asia. Our focus is on offering flexible risk management solutions, including risk engineering, to support client companies across the region with their individual insurance requirements."
In addition to bringing significant expertise to the region, the Singapore-based underwriters will also have access to XL Insurance's offices in 25 countries. In Asia, XL Insurance already has a branch office in Hong Kong and a representative office in Tokyo, while XL Capital Group has a representative office in Beijing.
About XL Insurance
"XL Insurance" is the global brand used by member insurers of the XL Capital Ltd (NYSE: XL) group of companies. More information about XL Insurance and its products are available at www.xlinsurance.com. Through its operating subsidiaries, XL Capital Group is a leading provider of global insurance and reinsurance coverage and services to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. As of September 30, 2007, XL Capital Ltd had consolidated assets of approximately USD 60.9 billion and consolidated shareholders' equity of approximately USD 11.4 billion. More information about XL Capital Ltd is available at www.xlgroup.com.