The Company intends to consolidate its Bermuda-based operations and approximately 265 staff in the new building, which is to be officially opened in early May. XL business units operating out of XL House will include XL Insurance Ltd, XL Investments Ltd, XL Re Ltd, Latin American Re Ltd, Element Re Ltd, XL Financial Assurance Ltd and XL Financial Solutions Ltd.
XL President and Chief Executive Officer Brian M. O'Hara said: "This will be the first time we have been able to have all our Bermuda-based subsidiaries under one roof since we began to expand the XL group of companies in the mid-90s. The construction of XL House not only makes good economic sense but will help to produce valuable administrative and operational efficiencies."
XL Capital Ltd, through its operating subsidiaries, 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 at December 31, 2000, XL Capital Ltd had consolidated assets of approximately $16.8 billion and consolidated shareholders' equity of approximately $5.6 billion. More information about XL is available on www.xlcapital.com