Hamilton, Bermuda — XL Capital Ltd, a provider of global insurance and reinsurance coverage, recently announced Michael Esposito resigned from the board of after serving as its chairman. He will continue as chairman of Security Capital Assurance Ltd, XL's 46%-owned affiliate.
Esposito, who was set to retire as XL chairman at a later date, said that SCA's current need for his full attention outweighed his desire to adhere to his original retirement schedule.
"While I am saddened by my decision to retire from XL earlier than I had planned, I can reflect proudly on the past 21 years as a founding XL director on what has become a leading global franchise in the insurance and reinsurance industry, and look forward to assisting SCA in addressing its current challenges."
Source: XL Capital Ltd
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