XL CAPITAL LTD RECEIVES KEYS TO NEW LONDON HEADQUARTERS
Hamilton, Bermuda (July 22, 2003) - XL Capital Ltd (NYSE: XL) (“XL”)
today announced that it has acquired the keys to offices at 70 Gracechurch
Street, London, EC3, which will become its new London headquarters.
XL is to move to the new premises in the summer of 2004, consolidating
its eight City of London based businesses - and more than 500 staff
- under one roof. The new seven-storey location will provide XL
with 125,000 square feet of office space.
XL operating units and legal entities which are set to relocate
include XL Re Ltd (London Branch Office), XL London Market Ltd,
XL Insurance Company, Ltd, XL Capital Assurance (U.K.) Limited,
XL Services (U.K.) Limited and XL Financial Solutions.
The decision to consolidate was taken after the continuing growth
in XL’s businesses in London and Europe.
XL has acquired a 25 year lease from Synergy Gracechurch Limited,
a company formed, financed and managed by Active Asset Investment
Management (aAIM) – a new property advisory and fund management
company. In a formal ceremony held last Thursday, July 17 at 70
Gracechurch Street, founding aAIM investor Sir Alex Ferguson, Manager
of Manchester United Football Club, handed the keys to Mr. Clive
Tobin, a Member of XL’s Executive Management Board.
XL’s CEO, Mr. Brian M. O’ Hara said: “XL’s
consolidation in a new UK headquarters office in the heart of the
City provides significant operating synergies. The move confirms
our long term commitment to London as one of the premier insurance
and reinsurance centers and as a major platform for our global business.”
Mr. Henry Keeling, the London based Chief Executive of XL’s
Reinsurance Operations said, “Bringing together all XL Capital’s
London staff in one building will enable our clients to benefit
further from the fundamental strength of our capital and people
by having the full range of XL’s expertise available from
one site. We are pleased formally to have the keys to 70 Gracechurch
Street and look forward to making the move next year.”
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