XL President and CEO, Mr. Brian M. O'Hara, will announce the initiative to XLIS employees, brokers and customers during an official open house reception at XLIS' new headquarters in Zurich. Approximately 300 employees have moved from the former headquarters in Winterthur to the new location at Mythenquai 10 in Zurich's financial district. Zurich is the continental European headquarters for XL Insurance which employs more staff than any other continental European location.
Mr. O'Hara revealed that XLIS intends to fund the training program for two years. The scheme, which is one of XL's Corporate Social Responsibility initiatives, will offer careers training and guidance from the City's Vocational Information Center to enable young adults to learn more about vocational training, school education and vocational re-training opportunities.
Mr. O'Hara said: "XL is a firm believer in investing in education. An investment in education is an investment in people and ultimately, an investment in the future. This program not only helps young adults understand the necessary skills they will need to enter the professional workplace but also helps them to utilize their educational assets to their full potential. We are proud that XLIS has decided to support this worthwhile program."
The City's Career Guidance Director, Dr. René Zihlmann, said: "We are grateful to XLIS for providing us with the financial support we need to offer this program. It effectively arms young adults in Zurich with the skills they need to thrive in a competitive environment and helps them secure full-time employment. We believe it not only benefits those entering the workforce for the first time, but also employers who are seeking the best individuals to work for them."
The Career Guidance program, first offered two years ago on a trial basis, is expected to be re-launched in spring/summer this year with one thousand training sessions being organized, targeting approximately two thousand young adults.
XL Insurance Switzerland is a licensed Swiss insurance and reinsurance company that provides global Property and Casualty insurance programs primarily to large Swiss corporations.
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, 2003, XL Capital Ltd had consolidated assets of approximately $39.6 billion and consolidated shareholders' equity of approximately $7.4 billion. More information about XL Capital Ltd is available at www.xlgroup.com.