The new unit will offer lead umbrella capacity up to $25 million excess of minimum attachment points of $1 million utilizing umbrella occurrence and claims made coverage forms. Excess Liability following form coverage also will be available subject to a maximum capacity of $50 million per account. The business will be underwritten on an admitted basis in the United States, with policies issued by Winterthur International America Insurance Company, rated A+ (Superior) XV by A.M. Best and AA by S&P.
The unit will target risk management accounts with revenues greater than $250 million. All classes of business will be considered with the following exceptions: Automotive Manufacturers to include critical parts, Chemicals, Integrated Oil Companies, Truckers for lead umbrella coverage, Pharmaceuticals and Invasive Medical Devices and Residential Contractors.
XLWI Vice President Diane Amodeo, who has 20 years experience in the industry and formerly with AIG, will head the unit.
George Keller, Executive Vice President of Winterthur International America Insurance Company and Deputy CEO XLWI Americas, said: "XL's insurance operations, since inception in 1986, have demonstrated an ability to provide excess liability coverages with a high level of professionalism, innovation, and dedication to its clients and brokers throughout the world. This new initiative was created to answer their needs for stable, reliable umbrella and excess capabilities in the US marketplace. Under Diane's leadership, XLWI will offer our US clients and brokers a top quality product and continue to meet their expectations for world-class service."
XL Capital Ltd, through its wholly owned 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 world-wide basis. As of September 30, 2001, XL had consolidated assets of approximately $25.7 billion and consolidated shareholders equity of $4.8 billion. More information about XL is available at www.xlgroup.com. For more information about XLWI, go to www.xlwinterthurinternational.com
This release may contain forward-looking statements. Such statements are based on current plans, estimates and expectations. Accordingly, forward-looking statements involve inherent risks and uncertainties, and a number of important factors could cause actual results to differ materially from those contained in any forward-looking statements contained herein in light of new information or future developments.