its principal reinsurance units, worth over one billion dollars, under a single name, XL Re.

It formally launched "XL Re'', which it said was a core global brand designed to group XL's reinsurance operations under a single banner and to better identify its worldwide reinsurance businesses with the XL franchise.

This move includes the re-naming of XL reinsurance subsidiary, XL Mid Ocean Reinsurance Ltd, and XL's US reinsurance subsidiary, NAC Reinsurance Corp., which will now become XL Reinsurance America Inc., subject to regulatory approvals.

XL President and Chief Executive Officer Brian O'Hara said: "The use of the XL Re banner for our reinsurance businesses marks a further refinement of the global branding strategy we introduced two years ago.

"This latest initiative also further implements measures announced last summer when we realigned our operations around three core business activities: insurance, reinsurance and financial products and services.

Chief Executive of Reinsurance Operations for XL, XL Re Ltd President and Chief Executive Officer, Henry Keeling, said: "The re-branding is a logical step which we believe gives us a common global identity and underwriting culture. We expect that this will avoid fragmentation and help us develop further our strategic vision.

"We regard this as a rallying initiative for our customers, producers and employees and an opportunity for us to demonstrate the leadership characteristics of a high quality, global reinsurance franchise.'' XL's worldwide reinsurance operations generated consolidated gross written reinsurance premiums of approximately $1.1 billion for the nine months ended 30 September, 2000.