A story in yesterday's newspaper incorrectly said the date of EXEL Ltd.'s extraordinary general meeting is June 8. It is July 8.

XL Insurance Company Ltd., one of the Island's largest international insurers, is planning to expand its mission statement.

A statement from parent company EXEL Ltd. said it will hold an extraordinary general meeting tomorrow to enable XL Insurance to amend the statement to allow it to write new classes of insurance.

Spokesman Mr. Gavin Arton said the expansion of the mission statement would enable the company to maintain its investment in property catastrophe reinsurer Mid Ocean Re, which filed notice that it intends to make an initial public offering (IPO) last week.

The company also wanted to expand the mission statement to give it the flexibility to enter into other forms of business when it seemed desirable.

Only shareholders of record as of today will be permited to vote.