XL Group
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This article appears to be written like an advertisement. (August 2010) |
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| Type | Public |
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| Traded as | NYSE: XL BSX: XL.BH S&P 500 Component |
| Industry | Property & Casualty Insurance |
| Founded | 1986 |
| Headquarters | Dublin, Ireland |
| Key people | Michael S. McGavick, CEO[1] |
| Revenue |
Selected 2011 Financial Data as at 31 December 2011 Total Assets $44.6 billion Total Shareholders’ Equity $10.8 billion Total Revenues $6.7 billion Net Loss Attributable to Ordinary Shareholders ($474.8) million net loss[2] |
| Employees | 3600 (2010)[3] |
| Website | http://www.xlgroup.com |
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References: AM Best & Standard and Poor's rating A |
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XL Group plc is a financial services company headquartered in Ireland with executive offices in Bermuda. The company has approximately 3600 employees and offices on Africa, Asia, Australia, Europe, North America and South America. Formerly XL Capital Ltd, the company officially changed its name and domicile on 1 July 2010.
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Structure [edit]
The company is organized into three operating segments – Insurance, Reinsurance and Life Operations. Its Life Operations segment is currently not accepting any new business.[4]
Its global Insurance segment operates under the name "XL Insurance" and provides commercial property, casualty, professional liability, environmental liability, aviation and satellite, marine and offshore energy, product recall, political risks, equine, fine art and specie, excess and surplus lines and other insurance coverages.
XL’s Reinsurance companies, collectively known as "XL Re", provide casualty, property risk (including energy and engineering), property catastrophe, marine, aviation, and other specialty reinsurance globally.
History [edit]
The company began as "EXEL Limited".[5] Ian Heap was appointed the company’s first CEO in 1987, followed by Michael Kevany in 1989 serving until 1994. Brian O’Hara became XL’s third CEO in 1994[6] serving in that position until 2008 when Mike McGavick[7] stepped into the CEO position in May of that year.
Two of its former subsidiaries, XL Capital Assurance and XL Financial Assurance, have separated completely and merged to become "Syncora Guarantee", a monoline financial guarantee insurance provider. In 2008, XL made a one-time, $1.74 billion payment to Syncora to end its exposure to the bond insurer.
They currently have naming rights on the XL Center in Hartford, Connecticut.
References [edit]
Footnotes [edit]
- ^ Mike McGavick Mike McGavick
- ^ http://www.xlgroup.com/about-xl/who-we-are/xl-at-a-glance
- ^ Company Overview - XL Group.com
- ^ Life Insurance Operations by XL [1]
- ^ Exel names new chairman [2]
- ^ Exel names new chairman [3]
- ^ XL names Mike McGavick as CEO [4]
External links [edit]
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