Commenting on the appointment, Henry C. V. Keeling, newly-appointed Chief Executive of XL's reinsurance operations, said: "We are fortunate to have someone of Fred Madsen's experience and caliber to take the helm of NAC Re. He has been with NAC for 15 years and is a talented reinsurance executive. We are confident that he will be successful at continuing NAC's important position in the U.S. reinsurance market."
Nicholas M. Brown, Jr., the Chief Executive of XL's insurance operations and most recently President and CEO of NAC Re added: "Having worked with Fred over the last four years, I have the highest respect for his skills and integrity. He is well-suited to lead NAC and grow its valuable franchise."
Mr. Madsen's appointment follows XL's announcement last week that it was realigning the executive management responsibilities of the Company around its three core businesses: insurance, reinsurance and financial products and services.
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. As of March 31, 2000, XL had consolidated assets of approximately $16.2 billion and consolidated shareholders' equity of approximately $5.6 billion. Additional information on XL is available at: www.xl-capital.com.