XL has received approval for a new European reinsurance company, XL Re Europe, based in Dublin.
The new operation will act as XL's European reinsurance platform. XL previously announced its plans to develop this platform in August.
XL Re Europe has been established with $1.5bn of capital and surplus, and Standard & Poor's has today confirmed that it will be rated A+, in line with XL's other reinsurance entities.
XL Re Europe has formed two new branches in the UK and France to facilitate the assumption of business previously underwritten by the UK branch of XL Re and XL Re Europe SA.
David Watson, previously XL Re's general manager in London, has relocated to Dublin to become president and CEO of the new company. Mark Berry, previously head of XL Re's special risks underwriting department, is now general manager in London, reporting to Watson.
Jamie Veghte, chief executive of XL's reinsurance general operations, commented: "We welcome the announcement by Standard & Poor's today that XL Re Europe Limited will be rated A+, the same as our other XL Re companies. Our priority is to ensure that our clients will continue to benefit from our financial strength and high ratings. We are also very pleased to have our entire European operations under one unified management team led by David Watson. This will ensure consistency in our approach and a seamless delivery of products and services to the market."
