Moody's has assigned an Aa2 insurance financial strength ratings to both companies. It has also awarded the same insurance financial strength ratings to XL Reinsurance America Inc. (formerly NAC Reinsurance Corporation) and members of the XL America intercompany reinsurance pool, including Greenwich Insurance Company, Indian Harbor Insurance Company, XL Specialty Insurance Company and XL Insurance Company of New York, Inc.
Brian M. O'Hara, XL Capital President and CEO, said: "The ratings reflect our strong balance sheet and the intellectual capital in our insurance and reinsurance operations. They also confirm that our business diversity, sound capitalization, and our superior risk management strategy make us a leader in the industry."
Chief Executive for XL's insurance operations Nicholas M. Brown Jr. said: "This is extremely good news. The rating confirms our position as a leading underwriter of excess corporate liability, D&O, and other specialty property, liability and financial classes of insurance. It also validates our prudent decision to exit unprofitable lines of business, restructure our insurance operations, and combine XL's risk management business with Winterthur International, thereby establishing a truly global presence."
Henry C.V. Keeling, Chief Executive for XL's reinsurance operations, said: "Recognition by Moody's, with a rating of this standard, reinforces the quality of the promise and the product that we extend to our clients. We are very pleased to be able to demonstrate this, particularly in a hardening market where cedants are rightly looking to secure their placements with the highest available levels of security."
According to Moody's, the upgrade of the insurance financial strength ratings of XL Reinsurance America Inc. and members of the intercompany reinsurance pool reflects a favourable view of the ongoing strategic coordination of XL's US insurance and reinsurance operations together with XL Re Ltd and XL Insurance Ltd in Bermuda.
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 June 30, 2001, XL had consolidated assets of approximately $18.7 billion and consolidated shareholders' equity of approximately $5.7 billion. More information about XL is available on www.xlcapital.com.