new operating unit, XL Capital Investment Partners.

The new unit will be formed within the Financial Products and Services division and will be responsible for the development of XL's initiatives in alternative asset management, such as the use of hedge funds and derivative instruments.

For the past eight years Ms Street was managing director at JP MorganChase where she was responsible for the corporate finance practice for alternative asset managers and hedge funds. Prior to that she worked in commodity derivatives and risk management and had client coverage responsibilities for commodity trading companies.

Thomas Burke, a longstanding member of JP MorganChase's hedge fund team, will also join the new unit as a vice president.

Robert Lusardi, CEO of XL's Financial Products and Services operations, said: "Having made a number of successful strategic investments with alternative asset managers, XL Capital is now focused on building this effort into a broadly-based alternative asset management business.

"We believe that Sarah's operations will be an integral part of the continuing expansion of XL's financial activities and will work closely with XL's investment, life and financial guarantee operations to create new investment-oriented products.'' INSURER NAMES CFO APP Insurer names CFO Bermuda-based Insurer White Mountains Insurance Group Ltd. said on Friday it had named James J. Ritchie as chief financial officer and managing director of Fund American and group chief financial officer for the whole company.

White Mountains Insurance formed Fund American as the vehicle to buy the US property casualty insurance business of British-insurer CGNU Plc.

That deal, announced last September, has not yet closed.

Mr. Ritchie's position is newly created because of the acquisition company, a White Mountains Insurance spokesman said.

Mr. Ritchie was most recently senior vice president and chief financial officer for the international division of CIGNA Corp.

He worked at CIGNA for 14 years, serving as vice president and general auditor of Europe, Middle East and Africa, and chief international accounting officer.

ACE CHIEF TO SPEAK CON ACE chief to speak Brian Duperreault , chairman and chief executive offficer of ACE Ltd., will make a presentation covering an update on the ACE group of companies at the Association of Insurance Financial Analysts midwinter insurance conference on 6th March. The conference is in San Diego, California and the presentation will be covered by a live webcast beginning at noon Bermuda time.