XL Capital Ltd. has announced the appointment of Clayton Rose to its Board of Directors.

Mr. Rose is a Professor of Management Practice at the Harvard Business School and is a former executive of JPMorgan & Co.

While at JPMorgan, Mr. Rose headed each of the global investment banking and the global equities divisions, and served as member of the firm's executive committee. During his 20 years with the firm, he held management roles in various securities, derivatives and corporate finance businesses and was a founder and architect of the firm's equities business.

He was also responsible for and served as an investment committee member of JPMorgan's private equity investment organisation, led the firm's diversity initiative, and represented it during the long-term capital management crisis in 1998.

At Harvard Business School, Mr. Rose teaches the second year elective, Managing The Financial Firm, a course he created to examine the challenges, opportunities and responsibilities of leadership in the financial services industry in the context of the financial crisis. He also teaches the first year course, Leadership and Corporate Accountability, and has taught the second year elective, The Moral Leader.

Previously, he taught strategy at the Graduate School of Business at Columbia University and the Stern School of Business at New York University.

In addition to his responsibilities at Harvard, Mr. Rose chairs the Board of Managers of Highbridge Capital Management, a $22 billion hedge fund owned by JPMorgan Chase, and has served as a public company director in the financial services and life sciences industries. He is a trustee of the Howard Hughes Medical Institute, the National Opinion Research Center at The University of Chicago, and a director of Public/Private Ventures.

XL's chairman Robert Glauber said: "We are fortunate to have Clayton join the Board. He brings the unique perspective of a former senior officer of JPMorgan and of an outstanding teacher of business leadership and the management of financial institutions. The Board will benefit from his broad experience as XL works to extend its recent history of success in confronting the global financial challenges."

Mr. Glauber also acknowledged the service of retiring directors Robert Parker and Alan Senter, who have served as members of the XL Board since 1992 and 1986, respectively. As previously announced, both will retire from the Board at the end of the year.

"Bob and Al have seen the Company through some very good times and some very challenging ones," Mr. Glauber said. "We are deeply grateful to them for their dedication and tireless contributions through their years of service. We wish them much success in the future."

• XL Re, the global reinsurance operations of XL Capital Ltd., has announced a number of changes in the management and underwriting structure of its Latin America operations, immediate effect.

The operations will continue to be led by Stephen Outerbridge, chief underwriting officer (CUO) and chief operating officer (COO) of XL Re Latin America Ltd. (XLRLA) Mr. Outerbridge is also COO of Brazil and interim president.

Meanwhile, Hernan Moreno has been appointed regional chief underwriting officer.

Mr. Moreno, who is currently based in Sao Paulo, Brazil, will relocate to Bogota, Colombia this year where he will also take up the position of country manager.

In his new position as regional CUO, Mr. Moreno will closely be involved with XLRLA's Brazilian operation.

Also in Brazil, XLRLA technical commercial director Edson Wiggers has been promoted to vice-president in charge of business development and underwriting operations, reporting directly to Mr. Outerbridge and Mr. Moreno.

In Argentina, Leandro Di Bello remains as country manager and head of XLRLA's facultative underwriting team covering Brazil. He has taken on additional duties as chief client officer, co-ordinating marketing efforts in the Latin America region, with a special focus on Brazil.