Mr. Corbally will report to Mr. Robert R. Lusardi, Chief Executive of XL's Financial Products and Services Operations.
Mr. Lusardi said: "Naming Michael as Chief Operating Officer is in recognition of his contribution to the company and tremendous industry experience. As one of the founders of this business and a member of the senior management team at XLWE, Michael has played a significant role in developing and integrating the company's product lines over the last four years. Therefore, we at XL Capital Group consider this appointment to be part of a logical progression for Michael which allows him to continue to leverage his skills and experience in assuming the wider operational responsibilities of COO."
Mr. Corbally was co-founder of XLWE in July 2000 and was responsible for establishing and managing its risk management portfolio. Most recently, he oversaw the Company's strategic development in integrating its unit outage business and more recently the development of its temperature- contingent energy risk management product line. Prior to that, Mr. Corbally worked at Enron from 1996 until 2000 where, as Director of Weather Trading, he helped develop and manage non-catastrophic weather-based derivative products for the US, Canada and Europe. He also worked in government and corporate affairs for the food and drink manufacturing industry in the United Kingdom, responsible for monitoring and negotiating the development of legislation associated with the single European market. Mr. Corbally holds a BS in Environmental Health from Leeds Metropolitan University and a MBA from the University of Brighton.
XL Weather & Energy, Inc. is a provider of innovative risk management products that allow businesses to mitigate their non-catastrophic weather and contingent energy risk. 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 and professional service firms, insurance companies, and other enterprises on a worldwide basis. As of June 30, 2004, XL Capital Ltd had consolidated assets of approximately $45.5 billion and consolidated shareholders' equity of approximately $7.1 billion. More information about XL Capital Ltd is available at www.xlgroup.com.