group's principal insurance operating units.

Clive Tobin, 47, is to succeed Robert Cooney as president and CEO of XL Insurance, effective immediately.

The appointment follows Mr. Cooney's recent decision to leave the XL empire to pursue other business interests on the Island.

Mr. Tobin was formerly executive vice president of the insurance unit.

XL Capital president and CEO Brian O'Hara said he was "delighted'' with the reshuffle.

"He is an extremely talented and experienced insurance and financial professional with the right combination of traditional and non-traditional skill sets and management capabilities.

"He is one of a new breed of professionals in our industry with the technical and leadership abilities to take XL Insurance into the next phase of its development as a specialty insurer.'' Not surprisingly Mr. Tobin gave the usual enthusiastic spiel about XL Insurance's bright future.

"I welcome the opportunity to head a company whose foundation and growth is deeply rooted in creative solutions,'' he said.

"The expanding uses of insurance and the increasingly diverse sources and forms under which insurers can assume risk present strong capital-return opportunities for creative companies.

"At the same time, we will continue to look at ways of developing new products and improving the returns on our core lines in a very competitive market.'' He said the unit had a "great team'' and he was looking forward to working with its producers and clients.

Mr. Tobin joined XL in 1995 as vice president of specialty reinsurance after working for New York-based US Trust as senior vice president for risk management services.

He began his career with the London office of accounting firm Price Waterhouse before spending seven years with Marsh & McLennan Inc. in Bermuda and New York.

XL Insurance's Clive Tobin BUSINESS BUC