Michael P. Esposito, chairman of Bermuda-based XL, resigned from the company's board of directors last week, saying he wanted to attend to the problems of the company's affiliate, Security Capital Assurance Ltd.

XL said Mr. Esposito would continue as SCA board chairman, in which XL has a 46 percent ownership. SCA has been battered by the effects of the subprime mortgage market collapse.

Earlier in 2007, Mr. Esposito announced his intention to step down from the XL board sometime in 2008. XL said he informed the board that "SCA's current need for his full attention in addressing various current issues outweighed his desire to adhere to his original retirement schedule."

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.