XL Announces Three Executive Appointments

September 30, 2003

Bermuda’s XL Capital has announced three appointments in its insurance operations. Don Baker, Hans Gmuender and Dennis Nishikawa have been named to new executive broker and client relations positions.

“The new positions will increase the focus of XL’s insurance operations on its distribution sources and on broker and customer issues,” said the bulletin.

Baker will serve as Managing Director of Broker and Client Relations for insurance operations in Bermuda, where he is based. The position is in addition to his recently announced appointment as Executive VP of XL Insurance (Bermuda) Limited. He has 20 years of experience in the Bermuda insurance market. Baker joined XL from the Bermuda branch of Zurich Insurance Company, where he had been CEO since 2000.

Hans Gmuender will serve as Managing Director of Broker and Client Relations for insurance operations in Europe, Asia and South America, in addition to his current role as Deputy CEO of XL’s commercial large account insurance business, known as XL Insurance Global Risk. He began his career with Winterthur Insurance in 1966, and has been employed by XL since its acquisition of Winterthur International in 2001. Gmuender is currently based in XL’s insurance offices in Winterthur, Switzerland. As of November he will be in Zurich, Switzerland.

Dennis Nishikawa will serve as Managing Director of Broker and Client Relations for insurance operations in North America, in addition to his current role as Director of North American Sales and Marketing for XL Insurance Global Risk. He joined XL in 2000, after more than 30 years in numerous positions at St. Paul Fire and Marine and Aetna. Nishikawa is based in XL’s insurance offices in Los Angeles, California.

Commenting on the appointments, Nicholas M. Brown, Jr., CEO of XL’s insurance operations, stated: “XL Insurance has been pleased with the success of its product-based organizational structure. The establishment of these new positions, which will cross insurance business and product lines, will further leverage our product structure as well as our geographic expertise, facilitating continued profitable growth and expansion into new markets. Don, Hans and Dennis are all well known and highly regarded insurance professionals in their respective regions, and their broad marketing perspectives, deep relationships and significant knowledge about the insurance industry should be of great benefit to all of our business units.”

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