XL Board Chairman Esposito Resigns

Bermuda’s XL Capital Ltd. announced that Michael P. Esposito, Chairman of XL, has resigned from its Board of Directors. However, the bulletin also noted that he “will continue as Chairman of the Board of Security Capital Assurance Ltd., XL’s 46 percent-owned affiliate.” SCA’s difficulties, caused by the subprime loan/credit crisis, have in turn adversely affected XL’s ratings (See IJ web site – www.insurancejournal.com/news/international/2007/12/21/85892.htm.

Esposito had indicated earlier this year that he intended to step down from the XL Board in 2008. In announcing his intention to do so at this time he explained that SCA required “his full attention in addressing various current issues,” which “outweighed his desire to adhere to his original retirement schedule.”

Esposito stated: “While I am saddened by my decision to retire from XL earlier than I had planned, I can reflect proudly on the past 21 years as a founding XL director on what has become a leading global franchise in the insurance and reinsurance industry and look forward to assisting SCA in addressing its current challenges.”

CEO and currently acting Board Chairman Brian O’Hara commented: “We admire Mike’s decision to forego the remainder of his XL Board term to give his full attention to SCA. It has been my pleasure and privilege to serve alongside Mike over the past two decades. We will miss his steady presence as XL’s Chairman.”

XL also noted that another director, Alan Z. Senter, has resigned from the Board of Directors of SCA. O’Hara also stepped down from the SCA Board last month. The bulletin explained that both men had “served on the SCA Board pursuant to a transition services agreement entered into between the two companies at the time of SCA’s initial public offering. XL has the right to appoint directors constituting a substantial minority of the SCA Board and has informed SCA that it expects to do so in due course.”

Source: XL Capital Ltd. – www.xlcapital.com