The company will encompass the operations of several of XL's existing subsidiaries, including XL Europe Ltd, Brockbank Underwriting Limited and Brockbank Insurance Services Inc.
The Board of Directors will be chaired by Brian M. O'Hara, President and Chief Executive Officer of XL, while the new company's Executive Management Board will be chaired by Mark E. Brockbank, currently Chief Executive Officer of The Brockbank Group plc, who is to be appointed Chief Executive Officer of the new company.
The Executive Management Board will include senior executives from XL operating subsidiaries, including Dermot J. O'Donohoe (XL Europe), J. Walker Rainey (XL Europe), Martin Reith (Brockbank), Nick Metcalf (Brockbank), Gilles Bonvarlet (Brockbank), James Gerry (Brockbank) and Chuck Rudd (Brockbank Insurance Services).
To achieve close working relationships with other XL companies, the Executive Management Board will also include senior representatives from XL Mid Ocean Reinsurance Ltd (James Veghte) and XL Structured Enterprise Risk (Jeremy Barnes).
Said Mr. O'Hara: "It is important that we build solid business and operating platforms and a flexible infrastructure to service our geographic expansion and product diversification programs, at the same time enabling us to target opportunities for expense reduction. One of the main objectives of the new holding company will be to identify and develop new products and market opportunities while concentrating on operational issues."
Said Mr. Brockbank: "One of the ways we will be addressing operational issues will be with the formation of a Shared Services Center. This facility will provide business units with support services in areas such as IT, finance, statutory reporting, compliance, human resources, legal and claims."
Dermot J. O'Donohoe, President and Chief Underwriting Officer of XL Europe Ltd, said: "Though our existing business relationships will remain unchanged, there are clear advantages to becoming operationally part of a European entity and we look forward to the synergies and increased marketing opportunities that will be created by this new operating structure."
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, NAC Re Corp., Intercargo Corporation and ECS, Inc., provides insurance and reinsurance coverages and financial products worldwide. As of December 31, 1999, XL Capital Ltd had consolidated assets of approximately $15.0 billion and shareholders equity of approximately $5.6 billion. Additional information is available on the XL Capital Ltd web site: www.xl-capital.com.