XL Consolidating London Offices In ?04

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 leased new space to consolidate all of its London offices and will move in next summer.

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

Last week XL held a ceremony to mark the acquisition of its 25-year lease from Synergy Gracechurch Limited, a company formed, financed and managed by Active Asset Investment Management--a new property advisory and fund management company.

Brian M. O'Hara, XL's chief executive officer, said the consolidation would provide "operating synergies" and confirms a long-term commitment to London as "a major platform for our global business."

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