Bermuda-based XL Capital Ltd. yesterday formally unveiled the company's new name as the insurer attempts to reposition itself in a highly competitive market.

The company changed its name from Exel to XL Capital to properly identify itself as offering a wider range of products, president and chief executive officer Brian O'Hara said yesterday.

"Exel was an acronym which derived from the company's initial concentration on providing excess liability insurance,'' he said. "Today , excess liability programmes comprise just 15 percent of the company's book of insurance business, compared to 95 percent during its early days.'' Mr. O'Hara said the company wants to focus more on the convergence of insurance and financial products, an area commonly called risk securitisation.

"The name XL Capital Ltd. is a more accurate description of what the company does and better communicates its function as an insurance, reinsurance and financial services organisation.'' The company has also adopted the slogan "Turning risk into return'' to show a increased focus on financial risk products.

"Corporate risk management has evolved from managing event risk, which characterises traditional property and casualty exposures, to the much broader mandate of protecting against all forms of enterprise risk, which includes financial and business risk as well as event risk,'' he said.

As part of the new marketing campaign XL Capital used local agency RB&K to develop the new logo and standards for corporate identity.

The company has increasingly moved to reposition itself in the competitive market through acquisitions, joint ventures and new subsidiaries. XL Capital recently confirmed it is in talks with a possible "business combination'' with NAC Re Corp., the ninth-largest US reinsurer.

Through a reported $1 billion purchase of NAC, XL would expand its reinsurance sales and gain a larger US presence.

XL's expansion has included a 75 percent stake in Latin American Reinsurance Co Ltd., the formation of XL America, a $2.1 billion purchase of Mid Ocean Ltd., a $100 million purchase of Reeve Court Insurance, the formation of the Airline Risk Consortium with ACE Ltd. and Overseas Partners Re Ltd., and the buyout of Intercargo Corp.