XL Capital Ltd., based in Hamilton, Bermuda, announced that Michael E. Rego and Frederick B. Hnat were appointed to new positions within its Financial Products and Services Operations.
Rego was named executive vice president and chief operating officer of XL Financial Assurance Ltd. (XLFA), XL’s triple-A rated financial guaranty reinsurance company in Bermuda, replacing James P. McNichols, who was named global chief actuary of XL in April 2004.
Rego had been chief operating officer of XL Capital Assurance (U.K.) Limited (XLCA-UK), the London-based subsidiary of XL Capital Assurance Inc. (XLCA), XL’s triple-A rated financial guaranty primary insurance company, since 2000. He joined XL in 1997 as a specialty financial lines underwriter and moved to the Structured Finance Group in 1998. Prior to XL, he worked at the Bank of Bermuda from 1982-1997.
Hnat, who replaces Rego, has been named chief operating officer of XLCA-UK. His appointment is subject to approval by the Financial Services Authority in the U.K.
Hnat, who had been XLCA’s general counsel since joining the company in 2000, was previously an assistant general counsel at MBIA Insurance Corporation and earlier, an associate at the New York law firms Rogers & Wells and Mudge Rose Guthrie Alexander & Ferdon.