executive officer of its newly acquired US operations.

Exel announced yesterday it had completed the acquisition of Great Lakes American Reinsurance Co., which has been renamed X.L. Insurance Company of America, Inc.

"The completion of this acquisition represents the first step in establishing a platform in the US to reach customers who have not traditionally accessed the Bermuda market,'' Exel president and chief executive officer Brian O'Hara stated.

X.L. America will operate from New York and will be separately capitalised and managed independently from Exel's Bermuda and European operations.

The company also announced the appointment of Elizabeth Eiss as senior vice president of underwriting and operations of X.L. America.

Mr. O'Hara said more staff will be added in the next few months. Mr. Heap was chairman of Exel's board from 1988 to 1992. He was president and chief executive officer of the company from 1987 to 1988. From 1992 to 1993 he served as president and chief executive officer of Mid Ocean Reinsurance Co.

Ltd., which Exel purchased in March.

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