The company said the first "module" was a five-day program conducted in Beijing in March 2006, led by university professors, insurance scholars and executives, including XL Chairman Michael P. Esposito Jr. and XL President and Chief Executive Officer Brian M. O'Hara. Up to 50 participants attended the Beijing leg of the program.

Twenty-five of the participants of the first part of the program are currently participating in the final component which includes a series of discussions in Bermuda, New York and Philadelphia highlighting strategic choices for the Chinese government and insurance industry on both local and international levels, XL said.

Upon completion of the program, participants will receive a certificate issued jointly by the CIRC and Wharton School of the University of Pennsylvania during a Thursday graduation ceremony in Philadelphia.

Mr. O'Hara said in a statement: "We believe this program will lead to opportunities for growth for the Chinese insurance market and its people. XL has long supported education initiatives within many of the local communities in which it operates."

He added that since the opening of XL's Representative Office in Beijing this year, "the program has been a tangible first step in demonstrating our commitment to a country which is fast becoming a major player in the global economy."

XL, Mr. O'Hara said, is "committed to China's long-term development in the insurance industry and will continue working closely with the CIRC and our Chinese partners to help introduce international insurance theories and practice in China."

XL is the main financial sponsor of the initiative which has been developed in conjunction with the Aresty Institute of Executive Education at Wharton and co-sponsored by the GuoFa Capital Market Research Center.