XL Capital Forms Structured Enterprise Risk Unit

XL Capital Ltd is forming a team of specialists to expand the XL group's ability to execute structured integrated transactions. The XL Structured Enterprise Risk ("XLSER") team will support the traditional underwriting skills of XL Insurance Ltd and XL Mid-Ocean Reinsurance Ltd.

Clive Tobin will move from XL Capital Products to head up the new unit. XL Capital Products will continue to focus on financial guarantee opportunities traditionally associated with the monoline sector of the industry while XLSER will look at a variety of other non-traditional programs blending insurance, risk financing and elements of financial guarantee. "Our goal is to be able to offer our clients a broad spectrum of capabilities from traditional insurance through to capital market products both on a single and integrated basis," stated Tobin.

XL Capital Ltd President and Chief Executive Officer Brian O'Hara said, "With the convergence of the insurance and capital markets, we see increasing demand from our clients for customized solutions to a wide array of insurance and financial risks. These solutions require multi-disciplined skills, such as financial and legal structuring, together with the ability to internally manage these risks or trade them efficiently with the reinsurance and capital markets. XLSER will not only expand our ability to execute highly structured integrated transactions but will also allow us to be more proactive in identifying opportunities within our core client base."