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XL GroupReinsurance
Company Profile
Message from the CEO Jamie Veghte
Reinsurance Executive Group
Financial Highlights, Q1 2014
Key Results and Activities, Q1 2014
Your Regional Contacts
Reinsurance Offices
1© 2014, XL Group plc companies. All rights reserved. I MAKE YOUR WORLD GO
Report on the First Quarter 2014.
Our Reinsurance: solid underwriting and fast responses, the whole world over.
RethinkconsiderimaginestartignitediscoverlaunchRe is at the start of everything. It’s where it all begins.
XL GroupReinsurance
Company Profile
Message from the CEO Jamie Veghte
Reinsurance Executive Group
Financial Highlights, Q1 2014
Key Results and Activities, Q1 2014
Your Regional Contacts
Reinsurance Offices
2
Reason. Intuition. Experience.The kind that you only get from over 200 years in the business. And that’s just our leadership team.
Ready for anythingAs well as knowing what’s already happened, we’re tuned into what’s next. Scanning the horizon for new trends. Always watching out for new threats.
Reach and reputationAcross the world, you’ll find the same XL qualities: underwriting excellence, sharp reactions and transparent pricing. The best individual talent worldwide, working together as a team.
Reinforced Real financial strength. Which means real security for you.
ReliableA broad international mix with a consistent global approach. So wherever you are, and whatever the market conditions, you’ll always get the highest quality products and services.
RefinedWe use specialists for different product lines and different geographical areas.
Recommended and respectedAltogether, it’s why we’re ranked among the top reinsurance groups*. And it’s why most of the world’s 500 leading insurance companies choose us to help make their world go.
* Based on Standard & Poor’s Global Reinsurance Highlights 2013
Our vision
Make your world go.
That’s what we promise our clients.
This means giving them the most inventive and intelligent answers, dependable, clear underwriting and excellent service.
By doing this, we’ll also give our shareholders the best possible returns.
And together, we’ll all move the world forward.
XL: Beyond Re
XL GroupReinsurance
Company Profile
Message from the CEO Jamie Veghte
Reinsurance Executive Group
Financial Highlights, Q1 2014
Key Results and Activities, Q1 2014
Your Regional Contacts
Reinsurance Offices
3
Reinsurance Company ProfileA leading global reinsurer
BermudaOfficesHamilton, Bermuda
CoverageA broad range of risks, including US and International Property Catastrophe and Specialty risks solely on a treaty basis
MarketProperty Catastrophe coverage is provided to insurance companies domiciled in the United States, Canada, United Kingdom, Japan, Australia, New Zealand and the Caribbean
North AmericaOfficesHeadquartered in Stamford, CT
Branch offices in Atlanta, GA, Chicago, IL, Dallas, TX, Fresno, CA, Hartford, CT, New York, NY, Philadelphia, PA, Walnut Creek, CA, and Toronto, Canada
CoverageIncludes Property, Casualty, Accident and Health, and Property Facultative
MarketCoverage is provided to insurance companies domiciled in the US and Canada
InternationalOfficesDublin, Le Mans, Paris, London, Zurich, Singapore, Dubai, Buenos Aires, Bogotá, and Sao Pãulo
CoverageA broad range of products including property, casualty, marine, energy, aviation, aerospace, retrocession, surety, engineering on a treaty basis and property facultative.
MarketCoverage is provided to companies domiciled in Europe, Latin America, Middle East, Africa, Asia and Australasia.
XL GroupReinsurance
Company Profile
Message from the CEO Jamie Veghte
Reinsurance Executive Group
Financial Highlights, Q1 2014
Key Results and Activities, Q1 2014
Your Regional Contacts
Reinsurance Offices
4
A Message from our Reinsurance Chief ExecutiveFirst Quarter 2014
As the industry continues to operate across a very competitive landscape, the importance of strong relationships between reinsurance buyers, brokers and sellers has never been clearer.
In addition to the highly competitive trading conditions the reinsurance industry has been experiencing for quite some time, we are seeing more companies retain more of their own risks and coming up with innovative ways of managing those risks. Fundamentally, the reinsurance market is facing very serious challenges and only the most highly skilled organizations will navigate through this environment successfully.
Notwithstanding these challenges, we are confident that we will remain relevant and profitable, as we bring a number of assets to the table, including a diversified portfolio across geographies and products, solid trading relationships developed over more than two decades, a strong reserve position and seasoned underwriting teams who have generated excellent shareholder returns for many years. So while we anticipate continued headwinds in the sector, we are approaching them from a position of strength.
This is evident in our first quarter results. Despite challenging market conditions, we recorded a combined ratio of 76.3% and a resulting underwriting profit of $100 million for the quarter. While we had the benefit of a very quiet quarter of catastrophe activity, we’re pleased with our performance across the portfolio.
You can read more in this brochure about our first quarter 2014 performance and the contact information of some of those involved in making it happen.
As in previous quarters, I am proud of everyone in our operations who contributed to our performance.
In addition to our strong financial results, we successfully pursued growth opportunities. These included the acquisition and smooth integration of Global Ag Insurance Services, a well-respected crop insurance provider based in the western United States, and the establishment of new operations in Dubai, UAE, as a branch of XL Re Europe SE to serve the MENA market and act as a regional hub for the business. We also hired Mohamad Alali as Senior Executive Officer and Imen Hamadouche as Property Facultative Underwriter. Both Mohamad and Imen are based in Dubai and have a broad range of experience in the region.
In our capital markets area, we continued the expansion of New Ocean Capital Management with the hiring of a portfolio manager and ongoing implementation of its strategies.
These are just some examples of our ongoing commitment to meet the ever growing and changing needs of you, are valued trading partners. With the abundance of capacity available and persistent competitive conditions, we realize that you have many choices when it comes to reinsurance coverage. We therefore continue to work hard at improving our analytics and technical expertise to provide the innovative solutions and superior service that you have always received and expect from us.
James H. Veghte Executive Vice President & Chief Executive, XL Group’s Reinsurance Operations
XL GroupReinsurance
Company Profile
Message from the CEO Jamie Veghte
Reinsurance Executive Group
Financial Highlights, Q1 2014
Key Results and Activities, Q1 2014
Your Regional Contacts
Reinsurance Offices
5
Reinsurance Executive Group
James H. VeghteExecutive Vice President & Chief Executive XL Group’s Reinsurance Operations
John P. Welch Managing Director XL Leadership CouncilPresident & Chief Executive OfficerXL Reinsurance America Inc.
Charles CooperManaging Director XL Leadership Council President & Chief Underwriting OfficerXL Re Ltd
David WatsonManaging Director XL Leadership Council International Business Group Leader & Chief Executive OfficerXL Re Europe
Philippe RochaixManaging Director XL Leadership CouncilGeneral Manager, Global Emerging Markets
Derrick IrbyManaging Director XL Leadership Council Executive Vice President & Chief Financial OfficerXL Group’s Reinsurance Operations
Jean-Marc WassenManaging Director XL Leadership Council Chief Actuarial OfficerXL Group’s Reinsurance Operations
XL GroupReinsurance
Company Profile
Message from the CEO Jamie Veghte
Reinsurance Executive Group
Financial Highlights, Q1 2014
Key Results and Activities, Q1 2014
Your Regional Contacts
Reinsurance Offices
6
Gross premiums written distribution(Three months ended March 31, 2014)
Financial Highlights
Three months ended March 31, 2014
Gross premiums written $857.7 million
Net premiums earned $420.0 million
Loss ratio 45.8%
Combined ratio 76.3%
Reinsurance: Financial RatingsRatings as of March 31, 2014
A (Excellent) / Stable A.M. Best
A+ (Strong) / Stable Standard & Poor’s
By product group
31.6% Property CAT
26.2% Property Other
4.5% Casualty Professional
16.4% Casualty Other
15.5% Other
5.8% Marine & Energy, Aviation & Satellite
By business unit
16.5% North America
51.8% International
31.7% Bermuda
XL GroupReinsurance
Company Profile
Message from the CEO Jamie Veghte
Reinsurance Executive Group
Financial Highlights, Q1 2014
Key Results and Activities, Q1 2014
Your Regional Contacts
Reinsurance Offices
7
Key Results and Activities(At and for the three months ended March 31, 2014)
• Good underwriting performance included a combined ratio of 76.3% for the quarter. This resulted in an underwriting profit of $99.7 million. The combined ratio, excluding prior year development, for the quarter was 83.5% compared to 79.9% for the prior year quarter. Current year natural catastrophe losses were nil in both periods.
• Gross premiums written for the quarter were $857.7 million, a 5.4% decrease from the prior year quarter, predominantly driven by the non-renewal of a large UK Motor treaty and competitive trading conditions in International Property Catastrophe and Property Treaty business.
• Net premiums earned for the quarter were $420.0 million, down by 1.2%, driven by the overall earn through of lower current and prior year premium.
• Operational achievements so far this year included:
• Acquisition and successful integration of Global Ag Insurance Services, which is a well-respected crop insurance provider based in the western United States.
• Establishment of new operations in Dubai, UAE, as a branch of XL Re Europe SE to serve the MENA market and act as a regional hub for the business. Also hired Mohamad Alali as Senior Executive Officer and Imen Hamadouche as Property Facultative Underwriter, both based in Dubai.
• Selection of two summer interns from Fairfield University out of 35 applicants for the inaugural XL Re America Summer Internship Program.
XL GroupReinsurance
Company Profile
Message from the CEO Jamie Veghte
Reinsurance Executive Group
Financial Highlights, Q1 2014
Key Results and Activities, Q1 2014
Your Regional Contacts
Reinsurance Offices
8
Regional ContactsXL Re Ltd — Bermuda
Charles Cooper Managing Director XL Leadership CouncilPresident & Chief Underwriting OfficerDirect +1 441 294 7518Fax +1 441 296 9936Mobile +1 441 524 [email protected]
Paul SimonsSenior Vice President, Head of US Property Treaty (BDA)Direct +1 441 294 7617Fax +1 441 292 0876Mobile +1 441 524 [email protected]
Mark BerryManaging Director XL Leadership CouncilSenior Vice President, International Property & Specialty (BDA) Direct +1 441 294 7141Mobile +1 441 524 7141 Fax +1 441 292 0876 [email protected]
Craig WenzelSenior Vice President,Head of Capital MarketsDirect: +1 203 964 3973Mobile: +1 203 219 [email protected]
Mark TwiteChief Financial Officer Direct: +1 441 294 7556 Mobile: +1 441-524 7556 [email protected]
Wade StierVice PresidentUS Property ReinsuranceDirect: +1 441 294 7526Mobile: +1 441 524 7526Fax: +1 441 292 [email protected]
Tristan AbendVice President, International Property Treaty Underwriter(BDA)Direct +1 441 294 7146Fax + 1 441 292 0876Mobile +1 441 524 7146 [email protected]
Megan KempeUnderwriter, PropertyDirect +1 441 294 7516Fax +1 441 292 [email protected]
Lindsay BotelhoUnderwriter, PropertyDirect +1 441 294 7603Fax +1 441 292 [email protected]
XL GroupReinsurance
Company Profile
Message from the CEO Jamie Veghte
Reinsurance Executive Group
Financial Highlights, Q1 2014
Key Results and Activities, Q1 2014
Your Regional Contacts
Reinsurance Offices
9
Reinsurance Offices
Argentina Av. del Libertador 6250, 1st Floor C1428ARS - Buenos Aires Tel : +54 11 4896 7600
Bermuda O’Hara House One Bermudiana Road Hamilton HM08 Tel: +1 441 292 1358
Brazil Rua Dr. Renato Paes de Barros 1017 - 8º Andar 04530-001, São Paulo Tel: +55 11 3513 9200
Canada 100 Yonge Street, Suite 1702 Toronto, Ontario M5C 2W1 Tel: +1 416 598 1084
Colombia Carrera 7a No. 114-33 Oficina 802 – Edificio ScotiaBank Bogotá, Colombia Tel: +571 5 93 80 20
France 2 boulevard Marie et Alexandre Oyon CS 11908 72019 Le Mans Cedex 2 Tel: +33 (0)2 43 39 73 00
50 rue Taitbout 75320 Paris Cedex 09 Tel: +33 (0)1 55 50 09 99
IrelandXL House 8 St. Stephen’s Green Dublin 2, Ireland Tel: +353 1 400 55 00
Singapore 8 Marina View #40-05 Asia Square Tower 1 Singapore 018960 Tel: +65 6412 8000
SwitzerlandLimmatstrasse 250 PO Box 2361 8031 Zurich Tel: +41 43 555 40 00
United Arab EmiratesUnit 7, Level 15, The Gate Dubai International Financial Centre Dubai, Unted Arab Emirates Tel: +971 56 356 9363
United Kingdom XL House 70 Gracechurch Street London EC3V OXL Tel: +44 207 933 7000
United States115 Perimeter Center Place, Suite 545 Atlanta, GA 30346 Tel: +1 770 677 4200
190 South LaSalle Street, Suite 600 Chicago, IL 60603 Tel: +1 312 876 7200
14643 Dallas Parkway, Suite 770 Dallas, TX 75254 Tel: +1-972-383 3106
30 River Park West, Suite 160 Fresno, CA 93720 Tel: +1 559 530 2767
100 Constitution Plaza, 15th Floor Hartford, CT 06103 Tel: +1 860 293 6200
1540 Broadway, 25th Floor New York, NY 10036 Tel: +1 888 622 7370 / +1 212 915 6177
Two Logan Square 100 N. 18th Street, Suite 300 Philadelphia, PA 19103 Tel: +1 267 207 3561
Seaview House 70 Seaview Avenue Stamford, CT 06902-6040 Tel: +1 203 964 5200
1990 North California Blvd., Suite 740 Walnut Creek, CA 94596 Tel: +1 925 974 8200
XL Group plc, through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world.
XL Group plc’s reinsurance companies are among the world’s leading reinsurers. They offer products that include aerospace, property, casualty, marine and specialty. The world’s top insurers choose us to help move their businesses forward. To learn more, visit xlgroup.com/reinsurance.
For a complete list of our underwriters, please visit our website.
REINSURANCE WEB LINK: GO HERE.
This summary does not constitute an offer, solicitation or advertisement in any jurisdiction, nor is it intended as a description of any products or services of any of the Company’s operating subsidiaries.
XL Group is the global brand used by XL Group plc’s reinsurance companies.
is a trademark of XL Group plc companies.
