GAPS is a provider of unbundled loss prevention consulting services, offering individually tailored risk management solutions to risk managers, insurance brokers and insurance company clients operating on a global basis.
The GAPS operation and XL Insurance’s existing loss prevention services will be merged to form XL GAPS. The company will employ more than 150 engineers worldwide, with a strong presence in America, Europe, Asia and Australia. XL GAPS will remain independent of XL’s underwriting operations and will continue to provide loss prevention consulting services to existing clients as well as to clients of XL.
Upon completion of the transaction, Tim Heinze, currently head of GAPS, will become Managing Director, XL GAPS. Mr. Heinze will report to John Gallagher, Global Property Chief Underwriting Officer for XL Insurance.
Clive Tobin, Chief Executive of XL’s Insurance Operations commented: “GAPS is a good strategic fit with our existing loss prevention services. This acquisition is intended to help us achieve our long-term growth plans in both the loss prevention market and as a primary insurer. Both organizations have a common focus, to offer our clients high quality risk management solutions, and we will do so by leveraging our combined engineering expertise, professional focus and state-of-the-art technology. Our employees will have an average industry experience of 17 years, which we believe will provide unparalleled expertise in helping our clients to manage risks.”
Agostino Galvagni, Head of Globals & Large Risks at Swiss Re, added: “We are delighted to find an acquirer that is committed to GAPS’ clients and employees.”
About XL Insurance “XL Insurance" is the global brand used by member insurers of the XL Capital Ltd (NYSE: XL) group of companies. More information about XL Insurance and its products is available at www.xlinsurance.com. Through its operating subsidiaries, XL Capital Group is a leading provider of global insurance and reinsurance coverages and services to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. As of September 30, 2007, XL Capital Ltd had consolidated assets of approximately $60.9 billion and consolidated shareholders’ equity of approximately $11.4 billion. More information about XL Capital Ltd is available at www.xlgroup.com.
This press 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 statement. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward- looking statements is set forth in XL's most recent reports on Form 10-K, Form 10-Q and XL's other documents filed with the Securities and Exchange Commission. XL undertakes no duty to publicly update or revise any forward- looking statements contained herein in light of new information, future developments or otherwise.