XL Capital Opens Combined London Office
NU Online News Service, Sept. 21, 10:24 a.m. EDT?XL Capital Ltd said it is opening a new building in the City district of London that combines operations that were spread over six different locations.[@@]
XL said it was marking their event by announcing an unspecified financial commitment to the UK charity Community Links?an east inner city youth education program.
Opening ceremonies were to be held this evening for 70 Gracechurch Street. The company said more than 500 XL employees from throughout London have relocated to the new seven-story building.
XL said its decision to consolidate London office space was made after the continuing successful growth of its businesses in London and Europe. The operating units and legal entities housed in the new location include XL Re Ltd (London Branch Office), XL London Market Ltd, XL Insurance Company Limited, XL Capital Assurance (U.K.) Limited, XL Services UK Limited and XL Financial Solutions.
Brian M. O'Hara, XL president and chief executive officer, said the London office consolidation would provide operating synergies and "reaffirms our belief that London, as a premier insurance and reinsurance center, remains a significant part of our global business platform."
He said the London operations' support of Community Links' "Project Re-enter" underscored XL's commitment to corporate social responsibility.
XL Capital Ltd, through its operating subsidiaries, provides insurance and reinsurance coverages and financial products and services to industrial, commercial and professional service firms, insurance companies, and other enterprises. As of June 30, XL Capital Ltd had consolidated assets of approximately $45.5 billion and consolidated shareholders' equity of approximately $7.1 billion.
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