XL Consolidating London Offices In ?04

NU Online News Service, July 23, 9:45 p.m.EDT?XL Capital Ltd., Hamilton, Bermuda, said it has leasednew space to consolidate all of its London offices and will move innext summer.

The new seven-story headquarters is located at 70 GracechurchSt. in the City, London's financial district. It will house 500staff from the XL Re Ltd. (London Branch Office), XL London MarketLtd., XL Insurance Company Ltd., XL Capital Assurance (U.K.)Limited, XL Services (U.K.) Limited, and XL FinancialSolutions.

Last week XL held a ceremony to mark the acquisition of its25-year lease from Synergy Gracechurch Limited, a company formed,financed and managed by Active Asset Investment Management--a newproperty advisory and fund management company.

Brian M. O'Hara, XL's chief executive officer, said theconsolidation would provide "operating synergies" and confirms along-term commitment to London as "a major platform for our globalbusiness."

As of March 31, XL Capital Ltd. had consolidated assets ofapproximately $37.5 billion and consolidated shareholders' equityof approximately $6.8 billion.