Metcalf Named XL London Market CEO

NU Online News Service May 26, 1:04 p.m. EDT?XLLondon Market Ltd, an XL Capital Ltd company, announced today thatDermot O'Donohoe has been appointed to fill the vacancy created bythe departure of chief executive officer Nick Metcalf from LondonMarket last month.[@@]

Mr. O'Donohoe is currently the head of XL's Insurance Operationsin the U.K. and Ireland, a position he will retain, the companysaid.

The firm also announced it has appointed Paul Drake activeunderwriter for XLLM's Lloyd's Syndicate, 1209, a post that hadbeen held by Mr. Metcalf, as well. Both appointments are subject toregulatory approval.

XL disclosed Mr. Metcalf's exit April 30, saying he had "decidedto leave the company to pursue other business interests."

Clive R. Tobin, chief executive of insurance operations for XL,said then that Mr. Metcalf had been successful in restructuring thecompany's Lloyd's operations and aligning them with XL's globalinsurance strategy.

Announcing the latest appointments, Mr. Tobin said: "Lloyd's isan important component in our insurance operations. The appointmentof Dermot and Paul to these leadership positions within XLLMfurther demonstrates XL's commitment to the Lloyd's market.

He said the two men "can play a key role in the integration ofXL's insurance operations in London and enhance XL's focus onproviding quality service and products to brokers and clientsacross all markets."

Mr. O'Donohoe joined XL in 1991 as a professional linesunderwriter and progressed to president and CEO of XL Europe Ltd.and CEO of XL Insurance Company Ltd. in December 2002. Mr.O'Donohoe is also a member of the global XL Insurance ExecutiveManagement Board.

Mr. Drake joined XLLM in January 2001 as underwritingdevelopment manager and was appointed director of underwriting riskin March 2002.

XLLM is one of Lloyd's leading managing agencies, with syndicatecapacity of over $500 million. The XL London Market Syndicateoffers underwriting expertise and market leadership in variouslines of business, particularly the marine disciplines of hull,liabilities, offshore energy and cargo; specie; bloodstock;international aviation; and war and political risk.

The ultimate parent company of XL London Market Ltd is XLCapital Ltd, based in Hamilton, Bermuda, which, through itsoperating subsidiaries, is a provider of insurance and reinsurancecoverages and financial products to industrial, commercial andprofessional service firms, insurance companies, and otherenterprises on a worldwide basis.

As of March 31, 2004, XL Capital Ltd had consolidated assets ofapproximately $44.2 billion and consolidated shareholders' equityof approximately $7.4 billion. More information about XL CapitalLtd is available at www.xlcapital.com.