XL Appoints Interim Management at Weather & Energy Subsidiary

November 21, 2003

Bermuda’s XL Capital Ltd announced that Robert Lusardi, the CEO of XL Financial Products and Services, and David Shea, the unit’s CFO, have been appointed interim CEO and COO, respectively, in the office of the chairman of XL Weather & Energy, a wholly owned unit of XL.

“The interim appointments were announced following the decision by XLW&E’s current CEO and COO, Mr. Jeff Bortniker and Ms. Lynda Clemmons, to leave the company at the conclusion of Mr. Bortniker’s and Ms. Clemmons’ current employment agreements with XL,” said the bulletin.

Commenting on the changes, Lusardi indicated: “Jeff and Lynda have contributed to an important build-out phase of our XLW&E business and leave behind a talented team of weather and energy professionals. This business is now maturing nicely and XL’s strategy continues to be focused on being the pre-eminent provider of customer-oriented risk management solutions in weather and energy. Jeff and Lynda wish to continue to apply their skills in new and emerging opportunities. They believe that it is appropriate, therefore, that they pursue their goals in a new environment, and we thank them for their efforts.”

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