XL Capital Products Ltd. provides financial guaranty insurance and reinsurance in respect of asset-backed, future flow and municipal obligations. Financial guaranty policies generally cover non-payment of principal and interest when due.
Mr. Stevens, who will be based in Bermuda, is responsible for underwriting XL Capital Products transactions. Additionally, he will be responsible for establishing a credit surveillance unit for XL Capital Products' portfolio.
Mr. Stevens was formally senior managing director of MBIA Insurance Corporation, the leading insurer of municipal bonds in the United States. A graduate of Stanford University with an MBA from Columbia University, Mr. Stevens joined MBIA in 1990 after working for First Interstate Bank of California and Bank America.
XL Capital Products Ltd. President and Chief Executive Officer Bruce Connell said: "Mr. Stevens' extensive expertise in executing transactions as well as his skills in managing credit and loss mitigation activities will be invaluable to us. He represents the caliber of senior professional we will be adding as XL Capital Products Ltd. develops further as a top quality operation."
XL Capital Ltd. through XL Capital Products Ltd. and other wholly-owned subsidiaries, including XL Insurance Ltd., XL Mid Ocean Reinsurance Ltd. and The Brockbank Group plc, provides insurance and reinsurance coverage and financial products worldwide. As of November 30, 1998, XL Capital Ltd. had consolidated assets of $10.1 billion and consolidated shareholders equity of $4.8 billion.