NEW YORK, Dec. 3 /PRNewswire-FirstCall/ -- XL Insurance, the global insurance operation of XL Capital Ltd ("XL"), today announced that it has completed the purchase of Global Asset Protection Services LLC (GAPS) from Swiss Re. GAPS is a provider of unbundled loss prevention consulting services, offering individually tailored risk management solutions to risk managers, insurance brokers and insurance company clients operating on a global basis. The acquisition was first announced on Friday, November 16, 2007.
GAPS employs engineers worldwide with a strong presence in the US, Europe, Asia and Australia. The GAPS operation and XL Insurance's existing loss prevention services are being merged to form XL GAPS. XL GAPS will remain independent of XL's underwriting operations.
John Gallagher, Global Property Chief Underwriting Officer for XL Insurance, said: "This move represents an exciting enhancement to our current loss prevention servicing capabilities. GAPS brings to XL Insurance a 117-year track record of excellence in property loss prevention consulting services and their risk management expertise aligns very well with our commitment to risk quality and sound underwriting principles. XL GAPS will also be able to help our customers to meet their risk management needs with additional product and service offerings from XL Insurance."
Tim Heinze, the head of Swiss Re's GAPS, joins XL GAPS to serve as Managing Director, reporting to Mr. Gallagher. He will be based in the US in XL Insurance's Hartford, Connecticut office.
About XL Insurance
"XL Insurance" is the global brand used by member insurers of the XL Capital Ltd group of companies. More information about XL Insurance and its products is available at http://www.xlinsurance.com/. Through its operating subsidiaries, XL Capital is a leading provider of global insurance and reinsurance coverages to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. As of September 30, 2007, XL Capital Ltd had consolidated assets of approximately $60.9 billion and consolidated shareholders' equity of approximately $11.4 billion. More information about XL Capital Ltd is available at http://www.xlcapital.com/.
This press release may contain forward-looking statements. Such statements are based on current plans, estimates and expectations. Accordingly, forward-looking statements involve inherent risks and uncertainties, and a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements is set forth in XL's most recent reports on Form 10-K, Form 10-Q and XL's other documents on file with the Securities and Exchange Commission. XL undertakes no duty to publicly update or revise any forward-looking statements contained herein in light of new information, future developments or otherwise.
