XL Capital Ltd Announces Plans to Enter Joint Venture Agreement With Banco Itau Holding Financeira
30 Gennaio 2006 - 11:04PM
PR Newswire (US)
HAMILTON, Bermuda, Jan. 30 /PRNewswire-FirstCall/ -- XL Capital Ltd
(NYSE:XL) ("XL") today announced the signing of a Memorandum of
Understandings to form a joint venture insurance company in Brazil
with Banco Itau Holding Financeira S.A. (NYSE:ITU) ("Itau"). The
proposed joint venture is subject to regulatory approvals,
negotiation of definitive documents and other conditions. A closing
date has not been set. The proposed joint venture would combine the
current Brazilian Property, Casualty and Specialty commercial
insurance books of XL and Itau. Mr. Clive Tobin, Chief Executive of
XL's Insurance Operations, said: "I believe that this joint venture
continues to reinforce XL's strategy to be a leading market in all
major territories, and we are delighted to be joining forces in
Brazil with such a highly respected organization as Banco Itau. We
look forward to servicing the local needs of our combined clients,
as well as providing them with access to products and services
across our global network. This is an important commitment for both
our companies, and I believe it positions us well to meet the needs
of clients today and after the eventual opening of the Brazilian
reinsurance market." Mr. Luiz de Campos Salles, CEO of Itau
Seguros, stated: "Itau is one of the leaders in Brazil's financial
and insurance community. This joint venture is expected to combine
Itau's Brazilian market expertise and penetration with XL's
outstanding knowledge and access to reinsurance capacity in
commercial lines and large insurance risks. We strongly believe
that this joint venture will create a winning platform to develop
this market in Brazil, with advantages to our clients and brokers."
XL Capital Ltd, through its operating subsidiaries, is a leading
provider of insurance and reinsurance coverage and financial
products and services to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis. As of September 30, 2005, XL Capital Ltd had
consolidated assets of approximately $54.9 billion and consolidated
shareholders' equity of approximately $7.0 billion. More
information about XL Capital Ltd is available at
http://www.xlcapital.com/ . Banco Itau Holding Financeira S.A. is
the second largest private bank in Brazil in terms of assets and
one of the largest in terms of market capitalization among Latin
American Banks. It is the third largest provider of commercial
lines insurance in Brazil. As of September 30, 2005, Itau had
assets of $65 billion and shareholders' equity of $6.9 billion.
This press release contains forward-looking statements. Statements
that are not historical facts, including statements about XL's
beliefs, plans or expectations, are forward-looking statements.
These statements are based on current plans and expectations.
Actual results may differ materially from those included in such
forward-looking statements and, therefore, you should not place
undue reliance on them. A non-exclusive list of the important
factors that could cause actual results to differ materially from
those in such forward-looking statements includes the following:
(a) slower than expected changes in the insurance regulatory
environment in Brazil; (b) trends in rates for property and
casualty insurance and reinsurance; (c) changes in general economic
conditions, including foreign currency exchange rates, inflation
and other factors; (d) developments in the world's financial and
capital markets that adversely affect the performance of XL's
investments or access to such markets; and (e) the other factors
set forth in XL's most recent reports on Form 10-K, Form 10-Q, and
other documents on file with the Securities and Exchange
Commission, as well as management's response to any of the
aforementioned factors. XL undertakes no obligation to update or
revise publicly any forward-looking statement, whether as a result
of new information, future developments or otherwise. DATASOURCE:
XL Capital Ltd CONTACT: David R. Radulski, Investor Relations,
+1-441-294-7460, or Roger R. Scotton, Media Relations,
+1-441-294-7165, both of XL Capital Ltd Web site:
http://www.xlcapital.com/
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