| Type | Public (NYSE: XL) (BSX: XL) S&P 500 Component |
|---|---|
| Industry | Property & Casualty Insurance |
| Founded | 1986 |
| Headquarters | Dublin, Ireland |
| Key people | Michael S. McGavick, CEO[1] |
| Revenue | Consolidated assets of approximately $46.3 billion (2010) |
| Employees | 3600 (2010)[2] |
| Website | http://www.xlgroup.com |
| References: AM Best & Standard and Poor's rating A | |
XL Group plc (NYSE: XL) 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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The company is organized into three operating segments – Insurance, Reinsurance and Life Operations. Its Life Operations segment is currently not accepting any new business.[3]
Its global Insurance segment operate under the brand ‘XL Insurance’ and provide commercial property, casualty, professional liability, environmental liability, aviation and satellite, marine and offshore energy, 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.
According to the company website: "XL Capital Ltd (XL) was founded in 1986 as EXEL Limited by 68 of the world's largest global corporations in response to a severe shortage of liability insurance in the United States. XL’s insurance company, X.L. Insurance Company Limited, now known as XL Insurance (Bermuda) Ltd, provided excess liability insurance coverage for large commercial customers, drawn principally from Fortune 1000/FTSE 100.[4]
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[5] serving in that position until 2008 when Mike McGavick[6] stepped into the CEO position in May of that year.
They currently have naming rights on the XL Center in Hartford, Connecticut.
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.