EXEL-Mid Ocean Merger Completed

EXEL Limited and Mid Ocean Limited's merger has been approved by the Grand Court of the Cayman Islands. The companies have announced that the transaction is now closed. "I am very pleased that the merger of our two companies is now finalized," says Brian M. O'Hara, president and chief executive officer of EXEL. "The integration of our organizations is substantially completed and I am extremely pleased with how well our cultures have come together."

EXEL also says that the combination of the principal reinsurance subsidiaries of EXEL and Mid Ocean, X.L. Global Reinsurance Company, Ltd. and Mid Ocean Reinsurance Company, Ltd., respectively, has been completed. Henry C. V. Keeling has been named president and CEO of the combined company, which will operate as X.L. Mid Ocean Reinsurance Company, Ltd. and have capital and surplus in excess of $1 billion.