Effective immediately Nicholas M. Brown Jr., currently President and Chief Executive of NAC Re Corp., has been appointed Chief Executive for Insurance Operations, including the Company's Lloyd's operations. Henry C.V. Keeling, President and Chief Executive Officer of XL Mid Ocean Reinsurance Ltd, has been made Chief Executive for Reinsurance Operations. Robert R. Lusardi, who will continue his responsibilities as Chief Financial Officer of XL Capital Ltd until a successor is named, has become Chief Executive for Financial Products and Services.
"The focus on product lines will provide clarity and consistency to XL Capital's diverse clients," stated Brian M. O'Hara, President and Chief Executive Officer. "We expect that these changes will optimize all our resources and allow the company to operate more effectively in this challenging and ever changing environment."
Related to these appointments, K. Bruce Connell, currently President and Chief Executive Officer of XL Capital Products, will become Group Underwriting Officer in a newly created role in the Company. He will be responsible for group underwriting policy and risk management. "We hope to take advantage of Bruce's many years of industry experience to ensure that XL maximizes the profitability of a scarce resource, our underwriting capacity", noted Brian O'Hara.
Mark Brockbank, Chief Executive Officer of The Brockbank Group plc, has elected to take early retirement but will continue in his present duties until the end of the year, after which time he will act as a consultant to XL Capital Ltd.
Michael P. Esposito, Jr., Chairman of the Board of Directors of XL Capital, stated: "The entire Board of Directors thanks Mark for his outstanding contribution to the company. We value his professionalism and expertise. Mark's standing and reputation within the Lloyd's community is one of which he should justifiably be proud. We are delighted that he will continue to work with us as a consultant."
XL Capital Ltd, through its principal operating subsidiaries, XL Insurance Ltd, XL Mid Ocean Reinsurance Ltd, The Brockbank Group plc, XL Financial Assurance Ltd, XL Capital Assurance Inc., NAC Re Corp., ECS, Inc. and XL Specialty Insurance Company 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. Additional information on XL is available at: www.xl-capital.com.