XL Capital Ltd. announced a reshuffle yesterday which will see its general counsel and secretary Paul Giordano also serving as executive vice president.

The news comes one day after XL Insurance Ltd. president and CEO Robert Cooney revealed he would leave the company later this summer to "pursue private business interests''.

Yesterday, some were speculating Mr. Cooney may be a likely candidate to run a new $350 million financial reinsurer in Bermuda to which US trader Louis Bacon's Moore Capital group and Capital Z Partners have been linked.

The latest edition of Miami-based newsletter Inside Bermuda said Mr. Cooney was a potential chief executive for the venture.

"It might well be that the new company being formed by Capital Z Partners and Moore Capital will give Cooney his first opportunity to be the top executive of a major reinsurer,'' the article said.

New York-based Capital Z Partners is part of the Centre Solutions group.

Mr. Cooney is an executive vice president of XL Capital and one of the company's longest serving officers, as well as his position with XL Insurance Ltd. which is one of the principal insurance operating units of XL.

He joined XL Insurance in 1987 as senior vice president of underwriting general liability, rising to president and CEO in March last year.

XL Capital president and CEO Brian O'Hara said Mr. Cooney had made a major contribution to XL's success.

He said Mr. Cooney had the "company's very best wishes for the future'' and added XL was "in the process of naming a successor''.

Mr. O'Hara also praised Mr. Giordano's contributions to the company during its "period of tremendous growth''.

"He will continue to serve as an integral part of our holding company management tea,'' he said.

Mr. Giordano, 36, joined XL in January 1997 as senior vice president and general counsel, adding the role of company secretary last year.

Before joining XL he practised banking, securities and corporate law at Cleary, Gottlieb, Steen & Hamilton in New York City and at Clifford Chance in New York and London.

Paul Giordano