XL Capital Ltd announced that it has contributed $100 million of additional capital to support the business growth of its financial guaranty insurance unit, XL Capital Assurance Inc. (XLCA).
The Unit’s statutory capital was $127.8 million as of September 30, 2003. “Consequently, had the capital increase occurred on September 30, 2003, XLCA’s qualified statutory capital would have been in excess of $225 million,” said the bulletin.
XL President and CEO Brian M. O’Hara stated: “Our financial guaranty business has grown steadily in its first three years and has reached the stage where it requires additional capital to support further growth. This additional capital is indicative not only of our commitment to the sector but also to XLCA’s continued development and its ability to contribute non-correlated earnings to XL.”
XLCA President David C. Stevens noted: “We expect this capital injection to enhance our growing acceptance with investors while supporting our business strategy and portfolio. Our parent company has demonstrated its willingness to maintain the momentum of our expanding business.”
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