XL Announces Reinsurance Appointments; New CEO for Insurance Operations

January 23, 2004

Bermuda’s XL Capital, Ltd announced a series of senior management appointments yesterday affecting both XL Re Ltd, its reinsurance division, and the company’s insurance operations, following the retirment of retirement of Nicholas Brown as chief executive.

XL announced that: “Mr. Brown has chosen to retire from the Company effective April 1st 2004. Mr. Clive Tobin, currently CEO of XL Insurance Global Risk, XL’s global P&C large commercial account business, will succeed him and will work closely with Mr. Brown to ensure a smooth transition.”

In its reinsurance operations XL announced that James Veghte, currently President, COO and Chief Underwriting Officer of XL Re Ltd, who is also the President of XL Re Latin America (XLReLA), has been appointed to the new position of Chief Executive Officer of XL Re America (XLRA). He has been with XL for approximately 10 years, serving as General Manager of XL Re’s London branch and general manager of XL Re Europe (formerly Le Mans Re). He will be based in XLRA’s office in Stamford, Connecticut.

Continuing the list of new appointments, XL announced that Greg Hendrick, currently Chief Property Underwriter for XL Re Ltd’s Bermuda operations, will take over as its President and Chief Underwriting Officer. He has also been appointed to the Reinsurance Executive Group, the executive management board of XL Re. Hendrick has been with XL Re for 9 years, and was recently appointed Chief Property Underwriter for the unit’s Bermuda operations. He previously ran its U.S. Division, specializing in property catastrophe business. His appointment is subject to the receipt of necessary regulatory approval in Bermuda.

Stephen Outerbridge has been appointed President of XLReLA. He will also serve as the unit’s COO, while continuing in his current role as Chief Underwriting Officer. Outerbridge has been with XL Re’s Bermuda operations for 10 years. David Watson, General Manager of XL Re Ltd’s London branch, has been appointed to the Reinsurance Executive Group. He has also been with XL Re for 10 years.

All four reinsurance executives will report directly to Henry C.V. Keeling, Chief Executive of Reinsurance Operations, who stated that he was “pleased to welcome Jamie, Greg, Stephen and David to their new roles. After studying ways in which we could manage the future impact of cycle change in our industry, we concluded that it would be necessary to make management changes within the reinsurance segment. I am confident that we have the management team that will help us will meet business challenges while making sure that our Reinsurance Operations remain aligned with the changing culture of the XL group of companies.”

XL President and CEO Brian M. O’Hara stated: “I would like to congratulate Jamie, Greg, Stephen and David on their appointments. Their experience and skills will ensure the continued development of XL Re, which contributes significantly to the overall business strategy of the XL group of companies.”

Commenting on Brown’s departure, O’Hara said: “Nick Brown has overseen significant profitable growth and development in our Insurance Operations since he assumed the segment CEO role in July 2000 and we wish him well. During his tenure, our insurance operations have performed at a high level. Nick’s contribution has been valued during this time and we appreciate his willingness to work with us on the management transition that will now be necessary.

“The Board and I have been extremely pleased with the leadership Clive Tobin has demonstrated as CEO of XL Insurance Global Risk. Clive combines clear, strategic thinking and technical expertise with financial acumen and enjoys an excellent rapport with shareholders and customers. We are fortunate to have an executive of Clive’s caliber to fulfill the important role of leadership in our insurance segment,” he concluded.

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