XL Capital Ltd yesterday announced the appointment of Irene Esteves as executive vice-president and chief financial officer.

Ms. Esteves, who will join the Bermuda-based business insurer on May 17, was previously CFO of US bank, Regions Financial Corporation.

Ms Esteves, who has more than 20 years of experience in financial, strategic mergers and acquisitions, and investment risk management at US and global companies, will assume CFO responsibilities from Simon Rich, XL's corporate controller, who is also serving as interim CFO.

Ms. Esteves will report to XL's CEO Mike McGavick, and will serve on XL's Leadership Team.

Ms. Esteves' accomplishments at Regions include completing a successful $2 billion capital raise and raising over $5 billion in long-term debt and trust preferreds to solidify the firm's liquidity position and prudently finance its balance sheet.

Prior to Regions, Ms. Esteves was CFO of Wachovia Corporation's Capital Management Group. From 1997 to 2004 she was the CFO of Putnam Investments in Boston, Massachusetts. Earlier, Ms. Esteves was Vice President Corporate Strategy, Controller and Head of International Finance at Miller Brewing Company, Inc. in Milwaukee, Wisconsin. Ms.

Esteves began her career with S.C. Johnson & Son, Inc. in Racine, Wisconsin, where she held finance and business development roles of increasing responsibility.

Mr. McGavick said: "We are thrilled to have Irene join XL. Out of many extraordinary candidates for this position, Irene offers the perfect balance of technical experience, global expertise, and strategic vision. These attributes as well as her broad-based financial and strategic management knowledge and experience make her, I believe, the perfect choice for CFO and a welcomed addition to XL's Leadership Team.

"We are also grateful to Simon Rich for admirably performing in two significant roles. His willingness to assume the CFO duties and responsibilities in addition to serving as corporate controller speaks volumes of his commitment to XL and the high regard in which he is held by his colleagues."