Mr. Metcalf who has been part of the Brockbank organization since 1986, most recently serving as Active Underwriter of Syndicate 588, has also been appointed CEO of Brockbank Syndicate Management Ltd. and will take over as Active Underwriter of Syndicates 861 and 1209 subject to Lloyd's approval.
As previously announced, Mark Brockbank, former Chief Executive Officer of The Brockbank Group plc, elected to take early retirement, but continues as a consultant to XL. In addition, Martin Reith, Managing Director of Brockbank Syndicate Management Ltd has resigned to pursue other opportunities.
Brian O'Hara, CEO of XL Capital Ltd, said: "Brockbank is an important part of XL's worldwide insurance operations and we are optimistic that Nick Metcalf will help capitalize on improving market conditions at Lloyd's. XL and Brockbank remain committed to the Lloyd's and London Markets and will continue to deliver the highest quality service to brokers and clients. We extend our best wishes to Martin Reith in his future endeavors."
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Commenting on the management changes at Brockbank, Nicholas M. Brown Jr., CEO of XL's Insurance Operations stated, "While we are disappointed at the departure of Martin Reith, a talented and highly regarded underwriter, we are enthusiastic about the new role for Nick Metcalf and we are confident that he will be a strong leader."
XL Capital Ltd 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. Other principal operating subsidiaries of XL Capital Ltd include XL Insurance Ltd, XL Mid Ocean Reinsurance Ltd, XL Financial Assurance Ltd, XL Capital Assurance Inc., NAC Re Corp., ECS Inc. and XL Specialty Insurance. As of June 30, 2000, XL Capital Ltd had consolidated assets of approximately $16.1 billion and shareholders equity of approximately $5.5 billion.
This press release contains 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. XL Capital undertakes no duty to update publicly any forward-looking statements contained herein in light of new information or future developments.