XL Capital Ltd. said yesterday that it has completed the purchase of the remaining 33 percent of Le Mans Re held by Les Mutuelles du Mans Assurances Group.

Le Mans Re was formed as a joint venture in 1999 between XL and Les Mutuelles and XL increased its shareholding in Le Mans Re from 49 percent to 67 percent in 2002.

As a result of the acquisition, Le Mans Re's name has been changed to `XL Re Europe' coming under the `XL Re' brand used by the company's global reinsurance operations.

Chief executive of XL's reinsurance operations, Henry Keeling, said: "Having XL Re Europe as a full-fledged XL company is a crucial factor in the ongoing development of our global reinsurance operations. It continues to strengthen our business and market presence in Continental Europe since, prior to XL Re Europe, we had limited access to the European reinsurance market.

"Our joint venture with Les Mutuelles has provided us with an excellent platform from which we are building our European book of business, and has connected us on all levels with clients and brokers.

"We are looking forward to continuing our growth as a premier player in the European market."

Mr. Keeling added that the name change to `XL Re Europe' marked an important transition for the company, aligning the company's European business under the XL Re brand which was more identifiable for the company's customers and brokers.

"XL Re Europe's employees also have a clear identity as an integral part of the XL family," he added.

Charles Werner Skrzynski, chief executive officer of XL Re Europe, said that XL Re Europe's customers and brokers will benefit this step in integration of reinsurance operations.

"Not only are we now a complete part of a highly rated and capitalised organisation, but we will also be able to offer greater capacity and enhanced expertise," said Mr. Skrzynski.

"Our full integration is bringing a new dynamic to the range of services we offer to our clients and brokers in our selected markets in Continental Europe, the Middle East, Africa and Canada.

"We will continue to serve these clients from our headquarters in Le Mans and our offices in Cologne, Madrid and Toronto."

Mr. Keeling will remain as chairman of the XL Re Europe Board of Directors and Charles Werner Skrzynski will continue his role as chief executive officer of XL Re Europe and remain a director of the board.

The other directors will be John Hume, chief financial officer for XL's reinsurance operations and David Watson, general manager of XL Re Ltd.'s London branch. Following completion of the transaction, Les Mutuelles will cease to be represented on the XL Re Europe board.

The company said in a release that change to full ownership by XL will not affect XL Re Europe's operations.

As previously announced, XL has already merged XL Re Europe's and XL Re Ltd's branches in Singapore and integrated XL Re Europe's continuing Miami-based business with XL Re Latin America Ltd's operations.