Mr. Butt, who will continue to be based in Bermuda, has been a director of XL since 1998. He was President and Chief Executive Officer of Mid Ocean Limited from 1993 to August 1998 when it was acquired by XL.
XL Chairman, Michael P. Esposito, Jr, stated: "Michael was the dynamic leader of Mid Ocean Limited during the time that XL was a shareholder and up to our acquisition of Mid Ocean. He provided great strategic vision and we were extremely pleased that he agreed to serve on the XL Board and to develop the international strategy of the Company, particularly in Europe."
President and Chief Executive Officer of XL, Brian M. O'Hara, added: "As a Director of XL, Michael has provided me with extraordinary support in the build-out of our businesses. His guidance was vital in the development of our holdings in Le Mans Ré, which has enhanced our reinsurance unit, XL Re, and secured a significant foothold in Continental Europe. His foresight in identifying the opportunity for us to purchase Winterthur International has enabled us to develop our insurance unit into a highly successful global business platform. Michael is a friend as well as a business associate and I would like to personally thank him for his contributions and congratulate him on his new position."
Mr. Butt was Chairman of Sedgwick Limited and Vice-Chairman of the Sedgwick Group plc. in the U.K. from 1982 to 1986. He served as Chairman and Chief Executive Officer of Eagle Star Holdings plc. and Eagle Star Insurance Company from 1987 to 1992. Mr. Butt was on the Board of the Farmers Insurance Group and BAT Industries. He was formerly a Director of Phoenix Securities Limit, Marceau Investissements S.A. in France and Instituto Nazionale delle Assicuranzioni (INA) in Italy. Mr. Butt was the Chairman of the INSEAD International Council and has been a member of the INSEAD Board, Fontainebleau, France, since 1982. He has served as a Member and Contributor of the Geneva Association since 1987 and was a Director of the Bank of N.T. Butterfield & Son from 1996 - 2002. Presently, Mr. Butt is a Member of the Board of Trustees for the Bermuda Biological Station for Research and is Vice Chairman of the Association of Bermuda International Companies.
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 March 31, 2002, XL Capital Ltd had consolidated assets of approximately $30.7 billion and consolidated shareholders' equity of approximately $5.5 billion. More information about XL Capital Ltd is available at www.xlgroup.com.