Bortniker, Clemmons Depart XL Weather Unit

Bortniker, Clemmons Depart XL Weather Unit

The Hamilton Bermuda-based insurer said that XLW&E's Chief Executive Officer Jeff Bortniker and Chief Operating Officer Lynda Clemmons' posts would be filled by Robert Lusardi, CEO of XL Financial Products and Services and David Shea, chief financial officer of XL Financial Products and Services.

Mr. Lusardi will serve as interim CEO and Mr. Shea as COO, XL said. The weather and energy unit has been in business about three and a half years, said XL spokesperson Roger Scotton.

Commenting on the management shakeup, Mr. Lusardi said: "Jeff and Lynda have contributed to an important build-out phase of our XLW&E business and leave behind a talented team of weather and energy professionals.

"This business is now maturing nicely and XL's strategy continues to be focused on being the pre-eminent provider of customer-oriented risk management solutions in weather and energy. Jeff and Lynda wish to continue to apply their skills in new and emerging opportunities. They believe that it is appropriate, therefore, that they pursue their goals in a new environment and we thank them for their efforts." Neither Mr. Bortniker of Ms. Clemmons could be reached for comment.

XL Weather & Energy, was previously known as Element Re Capital Products Inc. Formed in 2000, the company is based in Stamford, Conn. It offers non-catastrophic weather risk management products to business.

For the third quarter, XL capital said its earnings had fallen to $99 million, or 71 cents per share, compared with $184.1 million, or $1.34 per share, for the period last year. It blamed the drop on a charge to cover casualty reinsurance losses.

XL Capital Ltd. provides both insurance and reinsurance coverage and financial products to industrial, commercial and professional service firms and insurance companies.

As of Sept. 30, XL Capital Ltd. reported consolidated assets of approximately $39.6 billion and consolidated shareholders' equity of approximately $7.4 billion.