Bermuda-based XL Capital Ltd announced today it has appointed Daniel Sussman as chief executive of global financial lines operations and Robert Douglas as chief executive of global reinsurance life operations.
Mr. Sussman has been chief executive officer of the XL Financial Solutions unit. Mr. Douglas was formerly CEO of the XL Re Life unit.
Both Mr. Douglas and Mr. Sussman will report to XL Chief Operating Officer Henry C.V. Keeling.
Mr. Keeling said, "These appointments demonstrate XL's bench strength and commitment to succession planning."
He commented that Mr. Sussman had led the XL Financial Solutions business since 2000, and "this business was a significant part of our financial segment, formerly known as Financial Products and Services."
Last year, Mr. Sussman was also asked to assume leadership of several other lines of business within this segment. Following the recent initial public offering of XL financial guaranty insurance and reinsurance businesses, now under the umbrella of Security Capital Assurance Ltd.
Mr. Sussman will assume full global management responsibilities for the remaining businesses in the XL financial segment, now called Financial Lines Operations.
The company's Financial Lines Operations consist of XL Life Insurance and Annuity Company, XL Weather & Energy Inc., XL Financial Solutions Ltd. and XL's political risk insurance business.
Mr. Keeling said that Mr. Douglas had overseen the development of XL reinsurance life business to more than $6 billion in assets since inception in 1999.
As of June 30, XL Capital Ltd had consolidated assets of approximately $58.5 billion and consolidated shareholders' equity of $8.5 billion.
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