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EXEL LIMITED TO ENTER EXCESS PROPERTY INSURANCE BUSINESS

 HAMILTON, Bermuda, Oct. 12 /PRNewswire/ -- EXEL Limited (NYSE: XL) announced today that its subsidiary, X.L. Insurance Company, Ltd. (X.L.), is entering the excess property insurance business to write high layer risks for large commercial corporations, many of whom are now X.L. excess liability insurance policyholders.
 "This action has been taken in response to demand from our current customers who are faced with shrinking availability of excess level property insurance capacity," stated Michael J. Kevany, chairman, president and chief executive officer of EXEL Limited. "By building on our strong excess general and professional liability insurance relationships and broker distribution network, the company is uniquely positioned to offer this new coverage and add considerable value to the products and services now provided to our existing insureds.
 "With assets well in excess of $3.5 billion and shareholders equity approaching $2 billion, our organization has the capital to offer substantial capacity to this class of business without affecting our ability to continue to grow the excess liability lines of business already offered by X.L.," Mr. Kevany noted. "We will shortly be providing policy and underwriting information to the insurance brokerage community and plan to begin underwriting excess property accounts before year-end."
 EXEL Limited, through its wholly owned subsidiaries, X.L. Insurance Company, Ltd. and X.L. Europe Insurance, provides general liability, directors and officers liability and professional liability coverage to industrial, commercial and other enterprises, directors and officers of such enterprises and professional service firms on a worldwide basis.
 -0- 10/13/93
 /CONTACT: Gavin R. Arton of Kekst and Company, 809-292-8515/
 (XL)


CO: EXEL Limited; X.L. Insurance Company, Ltd. ST: IN: INS SU: PDT

SH -- NY016 -- 0937 10/12/93 08:37 EDT
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Publication:PR Newswire
Date:Oct 12, 1993
Words:286
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