XL Capital CFO To Leave At Year's End

NU Online News Service, Sept. 15, 3:36 p.m. EDT

XL Capital Ltd., the Bermuda-based insurer whose profits have been off, has announced that the company and its chief financial officer, Brian Nocco, have agreed to part ways at year's end.

Mr. Nocco has been XL's CFO since July 2007. He has agreed to remain as CFO until the end of the year "to ensure a smooth transition," and the company said it has begun a search for his successor.

XL recorded a net loss of $2.6 billion in 2008, and its recent second-quarter profits were down 66 percent.

In a letter to shareholders at the end of 2008, XL President and CEO Mike McGavick said, "In 2008, this global economic downturn painfully highlighted our exposure to the financial guarantee industry, an investment portfolio that reflected XL's prior diversification strategy (a portfolio thus not ideally suited for a pure p&c business model), and a costly corporate infrastructure. Ugly indeed."

Regarding Mr. Nocco's upcoming departure, Mr. McGavick said, "We thank Brian for his many contributions at XL during the last two years. In particular, Brian helped XL navigate through the extraordinary challenges that XL has faced over the past year. We wish Brian well in his new endeavors."