XL President and Chief Executive Officer, Brian M. O'Hara, said: "It is with real regret that I received news of Bruce's intention to retire. However, I respect his decision and I speak on behalf of the Board and his many colleagues and friends at XL in wishing him the very best."
Mr. Connell has been instrumental in many facets of XL's developing global strategy. He was the first Chief Underwriting Officer for XL Europe, heading the operation in Dublin from 1990 to 1993. Upon returning to Bermuda, he spearheaded XL's developing product offering on the reinsurance sector, set up the original XL Re, and served as Executive Vice President and Chief Underwriting Officer through the acquisition of Global Capital Re until the merger with Mid Ocean. In 1998, he was charged with drafting and implementing the Financial Guarantee Business Plan as well as developing the expanding financial convergence products as CEO of XL Financial Products and Services.
In 2000, Mr. Connell was appointed XL Capital Group's Group Underwriting Officer responsible for group underwriting policy, including property and casualty risk management. In addition to his other responsibilities, he directed and managed the construction of XL's global headquarters, XL House, that opened in Bermuda last year.
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 worldwide basis. As of December 31, 2001, XL had consolidated assets of approximately $28 billion and consolidated shareholders equity of $5.4 billion. More information about XL is available at http://www.xlgroup.com.