subsidiaries has bought out an American insurance company's thoroughbred business in Kentucky.

XL's Brockbank Insurance Services unit said it has reached an agreement with Markel Insurance Company to take over their Kentucky thoroughbred book of business, with effect from March 1, 2000.

Markel's existing office and employees will be transferred to Brockbank.

Brockbank currently acts as a producing underwriter for XL Capital's portfolio of Space and US Aviation business.

The deal reflects Brockbank's developing role in a broader range of insurance classes.

Business acquired under the agreement will be underwritten wholly by Intercargo Corporation (XL Specialty Insurance Company), a member company of XL America, Inc., rated A plus (Superior) XV by A. M. Best.

XL subsidiary clinches deal An on-the-ground presence in Kentucky will enable Brockbank to deliver a fast and efficient service to clients, utilising the strengths of the existing team of experienced underwriters.

The operation will complement XL Capital's existing bloodstock underwriting team at Brockbank Syndicate Management Ltd, a leading Lloyd's managing agency, and will ensure that XL Capital is represented in the major global thoroughbred markets: London, Japan and Kentucky.

Chuck Rudd, President of Brockbank Insurance Services said: "The XL Capital group has had a long and amicable association with the Markel Insurance Company, and we are delighted to be able to acquire their thoroughbred account, along with their team of underwriters, which has over 15 years of experience in this specialist area.'' Mark Brockbank, CEO of The Brockbank Group plc and Executive Vice President of XL Capital Ltd commented: "We believe this initiative will enable us to offer an unrivalled service to the US bloodstock industry, and demonstrates XL Capital's ambitions to develop its specialist capabilities on a global basis.''