Reporting to the Chief Financial Officer of XL, Mr. Walsh will work with senior management in the financial guaranty, insurance, reinsurance and other business lines to assess the accumulation and management of risk exposures throughout the Company.
XL Chief Financial Officer, Robert R. Lusardi, said: "David has extensive financial services experience including insurance, commercial finance and capital markets. This new position also signifies the importance we attach to the job of monitoring and proactively managing XL's increasingly diverse portfolio of risks. David's background matches our strategy to go beyond traditional insurance and reinsurance products by including different types of financial risks and non-traditional insurance risks."
Mr. Walsh was also Co-Chair of Travelers Risk Alternatives with responsibility for financial product development, introducing non-traditional collateral options, hybrid financial and insurance product applications and integrated risk programs. Prior to joining Travelers, for 10 years he was with CIBC Wood Gundy Securities Corporation and Canadian Imperial Bank of Commerce where he was Managing Director responsible for senior account management and U.S. Financial Institutions.
XL Capital Ltd, through its wholly-owned subsidiaries, including XL Insurance Ltd, XL Mid Ocean Reinsurance Ltd, XL Capital Products Ltd, The Brockbank Group plc and NAC Re Corp., provides insurance and reinsurance coverages and financial products worldwide. As of September 30, 1999, XL Capital Ltd had consolidated assets of approximately $14.1 billion and consolidated shareholders equity of $5.4 billion. Additional information is available on the XL Capital Ltd web site: www.xl-capital.com.