Brian M. O'Hara, XL President and CEO, said: "The Aaa rating from Moody's reflects XL's financial strength and intellectual capital as well as the exceptional parental commitment it provides to XLCA. We believe that this combination of dedicated capital resources and strategic commitment from XL positions XLCA to be the guarantor of choice in the financial guarantee industry."
Robert R. Lusardi, CEO of XL's Financial Products and Services division, said: "We are particularly pleased that XLCA has achieved the rare distinction of becoming one of the few operating companies that have triple A ratings from all major rating agencies. The triple A's reflect the fact that XL Capital Assurance has built a financial guarantee business of the highest caliber by providing triple-A rated credit enhancement, capital markets and financial structuring solutions to the global markets, supported by the strength and experience of the XL Capital group overall."
David C. Stevens, President of XLCA, said: "XL Capital Assurance's team of seasoned professionals is excited at the prospect of the Moody's rating helping to level the playing field in the financial guarantee industry. We think this will open even more opportunities for investors and issuers to benefit from our guarantee. We continue to be dedicated to providing the highest level of service in the industry."
XLCA is a New York-domiciled monoline financial guarantee insurer, specializing in corporate and consumer asset securitization, essential infrastructure project finance, future flows and public finance. At June 30, 2001, XLCA had statutory assets of approximately $100.9 million, liabilities of approximately $11.8 million and surplus as regards policyholders of approximately $89.1 million. Additional information is available from the XLCA web site: www.xlca.com.
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 at June 30, 2001, XL had consolidated assets of approximately $18.7 billion and consolidated shareholders' equity of approximately $5.7 billion. More information about XL is available on www.xlcapital.com.