officer and executive vice president of the company.

Mr. Lusardi takes over from Brian Walford, who has retired. Mr. Lusardi, 41, was previously a managing director of Lehman Brothers, Inc. in New York, where he headed the firm's insurance industry and asset management practices. He joined Lehman Brothers in 1980.

EXEL president and chief executive officer Brian O'Hara said Mr. Lusardi's experience was an asset in an industry which was undergoing consolidation, the integration of banking products, and the potential development of capital markets insurance alternatives. He said Mr. Lusardi would also oversee EXEL's acquisitions, capital management strategy and new financial products development.

"Rob Lusardi brings a wealth of investment banking and capital market product development experience to EXEL at a time when we are expanding our business and product capabilities,'' Mr. O'Hara stated in a press release. Rob has worked on numerous mergers and acquisitions, strategic advisory and financial transactions for insurance companies and was involved in helping Lehman establish its insurance securitisation business.'' Mr. Lusardi holds a BA and MA from Oxford University and an MBA from Harvard University.

Mr. Walford has been with EXEL since 1986 when it was first incorporated in Barbados, where he worked from a hotel room for six months. The company since moved its headquarters to Bermuda, where it is based.

Robert Lusardi