Mr. Hatcher, who was Chairman of insurance broking group Johnson & Higgins from 1982 until his retirement in 1990, has been a director of the Company since June 1997. He served as a member of XL's Compensation Committee, one of four standing committees established by the Board. Mr. Hatcher is a director of Media General and Front Royal.
Mr. Newhouse, the former Chairman of the Board of Mid Ocean Limited, has been a director of XL since August 1998 and was also a member of the Company's Compensation Committee. He served as Vice Chairman of Marsh & McLennan Companies Inc., as a Member of the Office of the Chairman of Marsh & McLennan Companies Inc. and as a Member of the Executive Committee of Marsh & McLennan Companies Inc. until 1990. Mr. Newhouse remains a consultant to the Company and its subsidiaries pursuant to a consulting agreement expiring October 31, 2001. Mr. Newhouse is also a Director of Trident Corp.
XL President and Chief Executive Officer Brian M. O'Hara said: "XL's Board has benefited significantly from the insight and professional experience of Bob Newhouse and Bob Hatcher. Their counsel was invaluable. They earned well-deserved reputations as innovative visionaries, with Bob Newhouse leading Marsh & McLennan and Mid Ocean Ltd and Bob Hatcher leading Johnson & Higgins through one of the most tumultuous periods of the industry. It has indeed been a rare privilege for me to serve alongside two of the U.S. insurance industry's most respected leaders. Their contributions to XL's Board will be greatly missed. Additionally, as members of the Compensation Committee, they also provided vital input into the development of a Global Incentive Compensation Plan, adopted by the Company last year following its expansion from a single business in one location to several businesses operating in a number of locations worldwide."
XL Capital Ltd, through its principal operating subsidiaries, XL Insurance Ltd, XL Mid Ocean Reinsurance Ltd, The Brockbank Group plc, XL Capital Products, XL Capital Assurance Inc., NAC Re Corp., ECS, Inc. and XL Specialty Insurance (formerly Intercargo Corporation) 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, 2000, XL had consolidated assets of approximately $16.2 billion and consolidated shareholders' equity of approximately $5.6 billion. Additional information on XL is available from our web site: www.xl-capital.com.