financial products underwriting resource group. The new unit will develop and underwrite various financial products, such as Foreign Currency Exchange contracts.

The unit will be headed by Bermudians Ricky Lines and Michael Rego, who joined XL last week. They will be assisted by Sylvia Tavares, who has transferred to XL from XL Global Reinsurance Company, Limited.

"The creation of a dedicated facility to handle this sophisticated area of insurance reflects XL's committment to provide its clients with innovative solutions for their growing risk management needs,'' said president and chief operating officer Robert J.Cooney.

Mr. Lines was most recently with Bacardi Limited where he was executive vice president and chief operating officer of Bacardi Capital Ltd. Mr. Rego has more than 15 years of global treasury experience in the areas of financial risk and currency management. Mrs. Tavares, who boasts more than ten years of treasury and financial analysis experience, was manager, treasury operations at XL Global Reinsurance Company, Ltd.