XL Completes Purchase of Le Mans Re

NU Online News Service, Sept.3, 3:56 p.m.EDT?XL Capital Ltd., based in Bermuda, announced it haspurchased the remaining 33 percent of Le Mans R? held by LesMutuelles du Mans Assurances Group.

The cost of the transaction was not disclosed.

Le Mans R?, based in Le Mans, France, was formed as a jointventure in 1999 between XL and MMA. XL had increased its share inLe Mans R? from 49 percent to 67 percent in 2002.

As a result of the acquisition, Le Mans R?'s name has beenchanged to XL Re Europe, aligning under the XL Re brand used by thecompany's global reinsurance operations.

Chief executive of XL's reinsurance operations, Henry C.V.Keeling, said that "having XL Re Europe as a full-fledged XLcompany is a crucial factor in the ongoing development of ourglobal reinsurance operations. It continues to strengthen ourbusiness and market presence in Continental Europe since, prior toXL Re Europe, we had limited access to the European reinsurancemarket."

Charles Werner Skrzynski, CEO of XL Re Europe, noted that "XL ReEurope's customers and brokers will benefit in many ways from thisfinal step in our process of integration into the reinsuranceoperations of XL. Not only are we now a complete part of a highlyrated and capitalized organization, but we will also be able tooffer greater capacity and enhanced expertise."