XL Capital Ltd. chief executive Michael McGavick said yesterday the Bermuda-based business insurer is focused on remaining "an independent company".

XL is "exclusively focused" on running independently, Mr. McGavick told reporters after speaking in a roundtable discussion at a New York conference yesterday.

His comment follow a Bloomberg report last month that suggested that XL was seeking a buyer.

XL shares rose five cents (1.3 percent) in New York Stock Exchange trading yesterday to close on $3.76.