President and Chief Operating Officer of XL Weather & Energy Lynda Clemmons said: "This name change is a natural progression for us as we evolve our business model. In addition to our core offering of customized weather insurance and derivative risk management solutions, we have also begun providing contingent risk management products to the utility and energy industries. The new name reflects these offerings and more closely aligns us with the financial strength and technical expertise of XL Capital Group."
Chief Executive of XL's Financial Products and Services operations Robert Lusardi said: "Since its formation in July, 2000, Element Re has been an important member of the XL family and an important contributor to our continued growth. This name change shows the commitment of XL Financial to providing to our customers around the world the most innovative and effective programs available."
Ms. Clemmons added: "Our leadership position in the market, coupled with XL's financial strength, will further enhance our ability to help businesses in a wide range of industries to identify and manage their weather and contingent energy risks."
About XL Weather & Energy XL Weather & Energy is a provider of innovative risk management products that allow businesses to mitigate their non-catastrophic weather and contingent energy risk. For more information, call (203) 356-3580 or visit www.xlwe.com.
XL Weather & Energy is a subsidiary of XL Capital Ltd (NYSE: XL), which, through its subsidiaries, is a leading provider of insurance, reinsurance and financial products to industrial, commercial clients on a worldwide basis. As of September 30, 2002, XL had consolidated assets of approximately $34.1 billion and consolidated shareholders' equity of approximately $5.9 billion. More information about XL is available at www.xlgroup.com.
This press release contains forward-looking statements which involve inherent risks and uncertainties. Statements that are not historical facts, including statements about XL's beliefs, plans 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 other important factors that could cause actual results to differ materially from those in such forward-looking statements is 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.