Bermuda’s XL Capital Ltd. announced that it has completed the integration of the Singapore branches of its subsidiaries XL Re Ltd. and Le Mans Re into a single branch to be headed by Scott Ryrie, General Manager – Asia Pacific, who will be responsible for the XL Re Ltd. branches in Singapore and Sydney.
It also indicated that “both branches carry the XL Re Ltd. “AA” rating,” and that XL Re Ltd. is also in the process of applying for a reinsurance branch license in Labuan.
“The combined Singapore operation will write all classes of treaty business and property facultative. The operation also expects to write life business, subject to the approval of the Monetary Authority of Singapore. The territorial scope of the Singapore branch will be Asia, excluding Japan. The Australian branch will write Australia and New Zealand business,” said the bulletin.
“The goal behind the merger of the Singapore branches is to create an operation that will act as a regional hub for the development of XL Re Ltd’s business in Asia and Australia. While business will continue to be underwritten in Sydney, management of the Australian branch will be directed from Singapore,” stated Henry Keeling, Chief Executive of Reinsurance Operations for XL Capital Ltd.
Jamie Veghte, President, COO and Chief Underwriting Officer of XL Re Ltd., indicated that “We are very pleased with the rapid progress Scott and his team have made in integrating the XL Re Ltd. and Le Mans Re teams into a single cohesive unit. Singapore is an ideal location to coordinate our activities in the Asia Pacific region.” Ryrie said the newly merged operation was in a strong position to selectively grow its portfolio in an attractive market environment.
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