Bermuda’s XL Capital Ltd announced that it has completed the purchase, through a subsidiary, of the remaining 33% of Le Mans Ré held by Les Mutuelles du Mans Assurances Group (“MMA”). XL and MMA formed the French based reinsurer in 1999.
XL announced plans earlier this year to acquire complete control of the company. The name has been changed to ‘XL Re Europe’ “aligning under the ‘XL Re’ brand used by the Company’s global reinsurance operations.”
Henry C.V. Keeling, Chief Executive of XL’s Reinsurance Operations, commented, “Having XL Re Europe as a full-fledged XL company is a crucial factor in the ongoing development of our global reinsurance operations. It continues to strengthen our business and market presence in Continental Europe since, prior to XL Re Europe, we had limited access to the European reinsurance market. Our joint venture with MMA has provided us with an excellent platform from which we are building our European book of business, and has connected us on all levels with clients and brokers. We are looking forward to continuing our growth as a premier player in the European market.”
He added, “the name change to ‘XL Re Europe’ marks an important transition. It aligns our European business under the XL Re brand and is more identifiable for our customers and brokers. XL Re Europe’s employees also have a clear identity as an integral part of the XL family.”
Charles Werner Skrzynski, CEO of XL Re Europe noted, “customers and brokers will benefit in many ways from this final step in our process of integration into the reinsurance operations of XL. Not only are we now a complete part of a highly rated and capitalized organization but we will also be able to offer greater capacity and enhanced expertise. Our full integration is bringing a new dynamic to the range of services we offer to our clients and brokers in our selected markets in Continental Europe, the Middle East, Africa and Canada. We will continue to serve these clients from our headquarters in Le Mans and our offices in Cologne, Madrid and Toronto.”
Keeling will remain as Chairman of the XL Re Europe Board of Directors and Skrzynski will continue his role as CEO of XL Re Europe and will remain a Director of the Board. “The other directors will be John W. Hume, Chief Financial Officer for XL’s Reinsurance Operations and David J. Watson, General Manager of XL Re Ltd’s London Branch. Following completion of the transaction, MMA will cease to be represented on the XL Re Europe Board,” said the bulletin.
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