Ocean Ltd. and the transaction has now closed.

EXEL also said that the combination of the principle reinsurance subsidiaries of EXEL and Mid Ocean, X.L. Global Reinsurance Co., Ltd. and Mid Ocean Reinsurance Co., Ltd., respectively, has been completed.

Henry C.V. Keeling has been named president and CEO of EXEL's combined reinsurance subsidiary, which will operate as X.L. Mid Ocean Reinsurance Co., Ltd., with capital and surplus in excess of $1 billion.

EXEL president and CEO, Brian O'Hara expressed his pleasure that the deal was finally done.

He said, "The integration of our organisations is substantially completed and I am extremely pleased with how well our cultures have come together.''