XL Re Life Enters the U.S. Life Reinsurance Market
March 17 2006 - 12:00PM
PR Newswire (US)
STAMFORD, Conn., March 17 /PRNewswire-FirstCall/ -- Robert W.
Douglas, Chief Executive Officer of XL Re Life operations, today
announced its expansion into the U.S. life reinsurance market with
the acquisition of Servus Life Insurance Company, to be renamed XL
Re Life America Inc. following state regulatory approvals. XL Re
Life America Inc. will offer reinsurance capacity for individual
life reinsurance and in-force portfolios on a Yearly Renewable Term
(YRT) or coinsured basis, as well as individual reinsurance
capacity on a facultative underwriting basis. XL Re Life America is
led by President and Chief Executive Officer Andy Batley. The team,
based in Stamford Connecticut, includes Chief Actuary William
Reifenberger, Chief Underwriter M. Cristina Downey and Head of
Administration Thomas Hartlett. A.M. Best Co. has assigned a
financial strength rating of A (Excellent) and an issuer credit
rating of "a" to XL Re Life America Inc. (XL Re Life America)
(Stamford, Conn.). The outlook for both ratings is stable.
According to Mr. Douglas: "Our launch into the U.S. life
reinsurance market is not a venture into uncharted territory for XL
Re Life. We will employ the same underwriting capability and
discipline that we have successfully exercised in both the UK and
Bermuda. It is a natural progression for our business and, I
believe, for U.S. life insurers a welcome addition to the
reinsurance market." Since its inception in 1999, XL Re Life's
operations have grown to more than $6 billion in assets with teams
now based in Stamford, London, Bermuda and Paris. 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: In the U.S., Christine Weirsky, Media
Relations, +1-610-321-9594; or in the UK, Carol Parker-Trott Media
Relations, +011-44-0-20-7933-7106, both of XL Capital Web site:
http://www.xlcapital.com/
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