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Member, Beacon International Group, Ltd.
HAMILTON, Bermuda--XL Capital Ltd. is making changes to its financial reporting process following the spinoff of its Security Capital Assurance Ltd. unit.
Under the new arrangement, XL's financial reports will be divided into five segments corresponding to the company's insurance, reinsurance, life operations, financial lines and SCA operating units, XL said in a statement. The Hamilton, Bermuda-based insurer and reinsurer previously reported earnings for three segments: insurance, reinsurance and financial services.
In the statement, XL noted that "the changes to the reporting segments reflect changes in executive management responsibilities following the initial public offering of Security Capital Assurance Ltd. in August 2006."
All changes will be effective Oct. 24, when XL posts its third-quarter earnings.
Separately, XL announced that it has received approval for the launch of its new Dublin, Ireland-based reinsurance company, XL Re Europe Ltd.
XL Re Europe--which has two branches in the United Kingdom and France--has begun with $1.5 billion of capital and surplus, and has been rated A+ by Standard & Poor's Corp.