To reflect the new brand, XL's Bermuda-domiciled reinsurance subsidiary, XL Mid Ocean Reinsurance Ltd, has changed its name to "XL Re Ltd" and XL's U.S. reinsurance subsidiary, NAC Reinsurance Corp., will be re-named "XL Reinsurance America Inc.", subject to obtaining regulatory approvals.
XL President and Chief Executive Officer Brian M. O'Hara said: "The use of the XL Re banner for our reinsurance businesses marks a further refinement of the global branding strategy we introduced two years ago. This latest initiative also further implements measures announced last summer when we realigned our operations around three core business activities: Insurance, Reinsurance and Financial Products and Services. It is important that we continue to leverage the considerable goodwill enjoyed by the XL name and adopt a uniform approach that will help facilitate the development of a series of global XL brands."
Chief Executive of Reinsurance Operations for XL, XL Re Ltd President and Chief Executive Officer, Henry C.V. Keeling, said: "The re-branding is a logical step which we believe gives us a common global identity and underwriting culture. We expect that this will avoid fragmentation and help us develop further our strategic vision. We regard this as a rallying initiative for our customers, producers and employees and an opportunity for us to demonstrate the leadership characteristics of a high quality, global reinsurance franchise."
XL's worldwide reinsurance operations generated consolidated gross written reinsurance premiums of approximately $1.1 billion for the nine months ended 30 September, 2000. Approximately 500 personnel are employed worldwide in XL's reinsurance operations in 25 offices located in 14 countries.
Stamford, Connecticut-based NAC Reinsurance Corporation, which as indicated above is being renamed "XL Reinsurance America Inc.", provides coverages in the United States that include casualty clash, casualty treaty and facultative programs, ocean marine, surety/fidelity, property treaty and property facultative. With offices in Atlanta, Chicago, Hartford, Los Angeles, New York, Philadelphia and San Francisco, NAC Reinsurance Corp. is one of the largest reinsurers domiciled in the U.S.
XL Re Ltd, which is headquartered in Bermuda, has branches in London, Singapore and Sydney, and, through an affiliated company in the XL organization, holds a 49 percent equity interest in the French reinsurer, Le Mans Ré. With links dating back to the formation of Mid Ocean Reinsurance Company Ltd. in 1992, XL Re is regarded as one of the world's largest multi-line providers of catastrophe capacity, offering property catastrophe, other property lines, marine and energy, aviation and satellite and other lines, including political risk, credit and life reinsurance and financial products.
Mr. Keeling said that Latin American Re, a wholly owned subsidiary of XL Re Ltd, with five offices throughout Latin America, will continue to use its own name for the time being, but will be branded as "An XL Re Company".
With the objective of becoming the reinsurance brand of choice in its selected global markets, the XL Re brand will be marketed under the theme "expect more" and promoted internationally with a re-branding launch campaign developed by XL's in-house marketing and design team.
"We will not try to be all things to all people but will strive to provide high quality products in our selected markets," said Mr. Keeling. "We believe that the €˜expect more' theme succinctly projects our brand image and invites consideration of our core value proposition, namely that we aim to deliver a level of service and responsiveness above that of our competitors while offering the kind of commitment and technical expertise that will add value to our reinsurance transactions. We believe that the quality of intellectual capital at XL Re has helped place us among the top reinsurers in the world."
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 of September 30, 2000, XL Capital Ltd had consolidated assets of approximately $16.4 billion and shareholders' equity of approximately $5.6 billion. More information is available on: www.xlre.com or www.xlcapital.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. In particular, forward looking statements concerning the intended benefits of the re-branding not being realized and other factors identified in XL's most recent annual report or Form 10 K and other documents on file with the Securities and Exchange Commission could cause actual results to differ materially from those contained in forward-looking statements. XL Capital does not undertake any duty to update publicly any forward-looking statements contained herein in light of new information or future developments.