Last night, XL Capital in Bermuda announced that its president and chief executive officer, Brian O'Hara, will retire from those positions in the middle of next year, after 20 years with the company.

XL said Mr. O'Hara informed the board of directors of his decision, prompting the board to implement a succession plan--authorizing a succession committee to lead the new CEO selection process.

In addition, board Chairman Michael Esposito Jr. advised the board he also will retire from the board upon the appointment of Mr. O'Hara's successor.

"Over the last two decades, including the last 13 years as CEO, Brian has developed a formidable global business franchise, with a values-based culture built on integrity, which has established a record of strong performance," Mr. Esposito said in a statement. He noted that XL has outstanding internal candidates to succeed Mr. O'Hara, who will be carefully considered together with qualified outside candidates.

He continued, "Having served as chairman during the entire period Brian has been CEO, I think it is appropriate I step down from the board when we complete our search and the new CEO is appointed, and I intend to do so."

Mr. O'Hara said, "I have been privileged to spend the last 20 years of my career working with extraordinary talent to build a unique and highly successful global enterprise."

He continued, "Given our current position of strength and our positive momentum, I believe it is the right time to begin to hand over leadership to the next generation."

The board anticipates that after his retirement as CEO, Mr. O'Hara will serve as chairman during the final year of his current board term which expires in 2009, to provide continuity during the transition.

Separately, another Bermuda company, AXIS Capital Holdings Limited, announced that the employment agreement of its CEO and president, John Charman, has been extended to Dec. 31, 2009.

Previously, in February 2006, AXIS announced that Mr. Charman would retire at the end of 2008 as the result of a divorce proceeding in the United Kingdom.

Special Reports /

XL's O'Hara To Retire; Charman Staying At Axis

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