XL Capital Ltd Announces Launch of China Insurance Leadership Program
March 11 2006 - 8:30PM
PR Newswire (US)
HAMILTON, Bermuda, March 11 /PRNewswire-FirstCall/ -- XL Capital
Ltd (NYSE:XL) ("XL" or "the Company") today announced its
involvement in an executive training and development program
designed to help the People's Republic of China identify and
nurture future leaders among the country's insurance regulators and
executives. XL is the main financial sponsor of the initiative, the
China Insurance Industry Executive Leadership Program, which has
been developed in conjunction with the Aresty Institute of
Executive Education at the Wharton School of the University of
Pennsylvania ("Wharton"). Co-sponsored by the GuoFa Capital Market
Research Center, the program is the first Sino-foreign insurance
leadership course endorsed by the China Insurance Regulatory
Commission ("CIRC") to include sessions in both China and other
countries. The five-day program will be conducted in two modules
and is to be led by university professors, insurance scholars and
executives, including XL Chairman, Michael P. Esposito, Jr., and XL
President and Chief Executive Officer, Brian M. O'Hara. It will
include a series of discussions highlighting strategic choices
facing the government and insurance industry on both local and
international levels, and address challenges and opportunities
presented by China's emergence in the global market. Course
participants will also examine the fundamental principles of risk
and capital management. A second module will take place in October
in Philadelphia and Bermuda. Up to 50 participants will attend the
Beijing leg of the program, 25 of whom will be selected to travel
on to Philadelphia and Bermuda. Those who complete both modules
will receive a certificate issued jointly by the CIRC and Wharton.
XL President and Chief Executive Officer, Brian M. O'Hara,
commented: "We have been involved in the design and implementation
of the program from the outset so I am very pleased to see it
become a reality. As a cooperative partner, advisor and investor in
the Chinese insurance industry, we are committed to its long-term
development. Indeed, the recent opening of XL's Representative
Office in Beijing was a tangible first step that demonstrated our
commitment to a country, which is fast becoming a major player in
the global economy. Today, we are pleased to be able to take
another step by offering our support to the China Insurance
Industry Executive Leadership Program. "Education is the
overarching theme of XL's Corporate Social Responsibility and we
believe this program will lead to opportunities for growth for the
Chinese insurance market and its people. We are now working closely
with CIRC and our Chinese partners to help introduce international
insurance theories and practice in China. We believe that this
approach will not only contribute to the continuing growth and
development of the industry but will support the Chinese
Government's goal of encouraging an awareness of global competition
among the country's domestic insurance companies." XL Capital Ltd,
through its operating subsidiaries, is a leading provider of
insurance and reinsurance coverages and financial products and
services to industrial, commercial and professional service firms,
insurance companies and other enterprises on a worldwide basis. As
of December 31, 2005, XL Capital Ltd had consolidated assets of
approximately $58.4 billion and consolidated shareholders' equity
of approximately $8.5 billion. More information about XL Capital
Ltd is available at http://www.xlcapital.com/ . DATASOURCE: XL
Capital Ltd CONTACT: David R. Radulski, Investor Relations,
+1-441-294-7460, or Roger R. Scotton, Media Relations,
+1-441-294-7165, both of XL Capital Ltd Web site:
http://www.xlcapital.com/
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