One of XL Capital?s senior executives is leaving the company to pursue personal interests.

Robert R. Lusardi, chief executive officer of XL?s Financial Products & Services (FP&S) business, one of XL?s three core business segments, is to leave the company at the end of the year.

Before becoming CEO of the FP&S segment, he was chief financial office of XL.

He will be replaced by Mr. Paul S. Giordano, currently president of XL Financial Solutions.

Mr. Giordano joined XL in 1997 as Senior Vice President, General Counsel and Corporate Secretary. Since 1999, Mr. Giordano has served as an executive vice president of the company and as a member of XL?s executive management board.

Mr. Lusardi said: ?I have enjoyed seven terrific years since I agreed to join XL. I have had the opportunity to be chief financial officer of a dynamic organisation, to be part of a large number of successful strategic initiatives and investments, and to help start and lead four businesses from the ground up.

?I believe that these businesses are in excellent shape and have reached the point where they will benefit from someone who has a different set of skills and background. I can?t think of a better person for the role than Paul Giordano. I am looking forward to returning to my roots as a strategic, transaction-oriented executive, now with experience on both sides of the aisle.?

Brian O?Hara, chief executive officer of XL, said: ?Rob Lusardi has played an important part in XL?s expansion and development, both as chief financial officer of XL and, more recently, as chief executive officer of FP&S. We will miss his keen intellect and negotiating skills, but look forward to calling on Rob in his advisory capacity. We are, however, very pleased that Paul Giordano has accepted his new role. Paul brings considerable experience from his financial services background to this important segment of our operations.?

XL?s new general counsel will be Charles F. Barr, who joined the Company in 2002 as general counsel to XL America, Inc.

Associate general counsel Kirstin Gould will assume the role of chief corporate legal officer and secretary of the company in addition to her existing responsibilities.