XL Insurance Appoints Richard DeSimone President of US Ocean and Inland Marine Business

NEW YORK, Aug. 8, 2011 /PRNewswire/ -- XL Insurance, the global insurance underwriting operations of XL Group (NYSE: XL), today announced the appointment of Richard DeSimone as President of its US Ocean and Inland Marine unit. Mr. DeSimone will be based in New York and reports to Neil Robertson, Chief Executive, Global Specialty in London.

"This is a clear statement of our intent to become a more significant market for both Inland and Ocean Marine business in the United States," said Mr. Robertson. "For XL Insurance, we are fortunate to enlist Richard's 35 years of industry experience and solid reputation to lead this initiative. For Richard, this is a new challenge, an opportunity to apply his considerable experience in an entrepreneurial environment driven by strong growth aspirations to build best-in-class ocean and inland marine capabilities and expand our market distribution."

Mr. DeSimone will join  XL Insurance in a newly created position as President of the US Ocean and Inland Marine underwriting teams and will work closely with Colin Sprott, Chief Underwriting Officer of Global Marine and Offshore Energy and Chris Smith as Chief Underwriter for Ocean Marine in North America to further build XL Insurance's global presence in the International Marine insurance market.  

"Under Richard's expertise and leadership, we will look to further build our US insurance programs with a comprehensive portfolio of Bluewater and Brownwater Hull, Cargo, Primary and Excess Marine and Energy Liability, as well as a full suite of Inland Marine coverages," Mr. Robertson added.

Prior to joining XL Insurance, Mr. DeSimone served as President of the Travelers Insurance Companies' Ocean Marine unit.  He was also President of St. Paul's Ocean Marine unit, leading its integration with Travelers following the 2004 merger of both companies.  He spent another 24 years honing his marine underwriting and management skills at the Atlantic Mutual Companies.  A US Navy Veteran, he earned his undergraduate degree in Business Administration from Baruch College and a graduate degree in Transportation Management from SUNY's Maritime College.  

About XL Insurance

XL Insurance is the global brand used by XL Group plc's insurance companies and underwriting divisions offering property, casualty, professional and specialty insurance products throughout the world. More information about XL Insurance is available at www.xlinsurance.com.

XL was formed in 1986 in response to the unmet risk management needs of 68 of the world's largest companies. This year, as XL celebrates its 25th anniversary, it remains the company clients look to for innovative insurance and reinsurance solutions for their most complex risks.  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 on a worldwide basis. Its principal offices are located at No. 1 Hatch Street Upper, 4th Floor, Dublin 2, Ireland. More information about XL Group plc is available at www.xlgroup.com

SOURCE XL Insurance

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