XL House was officially opened last night in a glittering ceremony to mark the occasion.

The $115 million structure will house the 270 staff of XL Capital Ltd. and as the global headquarters for the insurance giant, it is expected to bring in hundreds of visiting business men and women each year.

Bermudiana Road was closed off and hundreds of dignitaries, directors, members of staff, politicians and on-lookers waited at the side of the road for the official ceremony to start at 5.30 p.m.

Standing at the top of a red carpeted entrance, XL chief executive officer Brian O'Hara gave a speech about the history of the building and the site before asking Deputy Premier Eugene Cox to cut the ribon.

"It is an honour and a pleasure for me to represent the Government of and the people of Bermuda on this momentous occasion,'' Mr. Cox said.

He praised the company for the opportunities and training offered to Bermudians and for the contributions XL has made to Bermuda's economic growth.

Mr. O'Hara said: "I believe it is a special day for Bermuda and Bermudians when a company like XL effectively deepens its commitment to the Island.'' XL opens new headquarters He told of the telephone call he received while skiing from rival ACE's Brian Duperreault proposing a joint venture to acquire the site of the Bermudiana Hotel and build their corporate headquarters side-by-side.

He said: "That was probably one of the most expensive phone calls I've ever received.'' He said that in the 22 years he had lived on the Island, he had seen many changes to the insurance industry and with XL, which celebrated its 15th anniversary last month.

"I have watched XL grow from a small, highly-focused company with a handful of employees and one product line into a well-diversified insurance, reinsurance and financial group with 3,000 staff worldwide, a market value of $10 billion, assets of $17 billion and operations in over 30 countries.

"XL House is part of a steady expansion and maturing process. We have worked long and hard for these global headquarters and I hope you are as proud of them as we are.'' No expense was spared at the opening party. Trays of champagne welcomed guests and the initials XL were cut into huge ice sculptures with dry ice pumping over the sign.

Lobsters were draped over a central buffet where sushi was being prepared fresh and an oyster bar was set up by caterers from Little Venice and L'Oriental.

For those with less exotic tastes, roast beef and cheese were laid out.

The star attraction of the night was the 10,000 gallon cylindrical fish tank, complete with imitation reef and a smattering of fish.

Unfortunately a large shipment of tropical fish did not arrive on time for the opening, and was stuck in quarantine.