Mr. Tobin's appointment is effective immediately and follows Mr. Cooney's previously announced decision to leave the company to pursue other business interests. Mr. Tobin was previously an Executive Vice President of XLI.
Mr. Brian M. O'Hara, President and Chief Executive Officer of XL Capital, said: "I am delighted that Clive Tobin will be heading up XL Insurance. He is an extremely talented and experienced insurance and financial professional with the right combination of traditional and non-traditional skill sets and management capabilities to continue to deliver quality solutions to our customers. He is one of a new breed of professionals in our industry with the technical and leadership abilities to take XLI into the next phase of its development as a specialty insurer."
Mr. Tobin said: "I welcome the opportunity to head a company whose foundation and growth is deeply rooted in creative solutions. The expanding uses of insurance and the increasingly diverse sources and forms under which insurers can assume risk present strong capital-return opportunities for creative companies. At the same time, we will continue to look at ways of developing new products and improving the returns on our core lines in a very competitive market. We have a great team at XLI and I'm looking forward to working with our producers and clients to expand our relationships."
Mr. Tobin, 47, joined XL in August 1995 as Vice President of Specialty Reinsurance after working for New York-based US Trust as Senior Vice President for Risk Management Services. He was made Senior Vice President at XL Capital Products before being appointed an Executive Vice President of XLI and head of XL Structured Enterprise Risk ("XLSER") in 1998. XLSER is an underwriting unit formed to help XL Capital's traditional insurance and reinsurance companies respond to demand arising out of the convergence of insurance and capital markets. XLSER expanded the ability of XL Capital companies to execute highly-structured integrated transactions blending insurance, risk financing and elements of financial guarantee.
A Fellow of the Institute of Chartered Accountants in England and Wales, Mr. Tobin began his career with the accounting firm of Price Waterhouse in London. From 1979 to 1986 he was Vice President of Risk Management Services for Marsh & McLennan, Inc., working initially in Bermuda and subsequently in New York, where he was responsible for global marketing and the implementation of captive insurance programs. In 1986, he joined Rockefeller Financial Services, Inc. in New York as President of Rockefeller Insurance Company and later that year was also made President of newly-formed Acadia Risk Management Services, Inc., a brokerage and risk management consulting company for the Rockefeller family and associates.
XL Capital Ltd, through its wholly-owned subsidiaries, including XL Insurance Ltd, XL Mid Ocean Reinsurance Ltd, XL Capital Products Ltd and The Brockbank Group plc, provides insurance and reinsurance coverages and financial products worldwide. As of May 31, 1999, XL Capital Ltd had consolidated assets of $10.8 billion and consolidated shareholders' equity of $4.9 billion. Following the completion of its merger with NAC Re Corp. on June 18, XL had consolidated assets of approximately $14.1 billion and consolidated shareholders' equity of $5.6 billion. Additional information is available on the XL Capital web site: www.xl-capital.com.
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