XL Re Wins Recognition for eCommerce Leadership and International Implementations

XL Re Wins Recognition for eCommerce Leadership and International
Implementations

STAMFORD, Connecticut, June 1 /PRNewswire-FirstCall/ -- XL Re, the global
reinsurance operations of XL Capital Ltd (NYSE: XL), today announced that it
has received three awards from the Association for Cooperative Operations
Research and Development (ACORD), a global, non-profit standards development
organization which serves the insurance industry and related financial
services industries.
At ACORD's recent 16th annual awards ceremony in Florida, XL Re for the
fifth consecutive year was recognized as an insurance industry leader for the
innovative application of eCommerce technology and standards focused on
enhancing client service and improving operating efficiency. XL Re was awarded
the Innovative Implementation Award and the International Implementation Award
for XL Re's global eCommerce capabilities. ACORD also recognized XL Re for its
Leadership in ACORD Standards Strategy and Governance for XL Re's commitment
and approach to the implementation of RLC (Reinsurance and Large Commercial
Lines) standards.
James H. Veghte, Chief Executive of XL Re, said: "These awards are a
testament to the work that XL Re has accomplished with the implementation of
our global reinsurance platform which has full eCommerce capabilities and is
targeted for final implementation in London later this year.
"The more we move towards standardized business processes globally using
common systems and leveraging eCommerce where markets provide it, the more
efficient we become and the more benefit we can provide to clients and our
shareholders."
XL Re Executive Vice President and Chief Financial Officer John Hume
added: "In this environment, it is especially encouraging that work continues
apace on the 'industrialization' of standards within our operations to ensure
that we are equipped to deliver faster and more efficiently more reliable
data, better aligned to our business."
ACORD Chief Executive Officer Greg Maciag said: "XL Re has long been a
leader in helping to develop industry standards and the most advanced when it
comes to implementing standards. They are an outstanding role model for the
reinsurance industry and are truly paving the way for all their trading
partners. XL Re is a leading-edge organization and the recognition is well
deserved."
About ACORD
ACORD (Association for Cooperative Operations Research and Development) is
a global, nonprofit standards development organization serving the insurance
industry and related financial services industries. ACORD's mission is to
facilitate the development of open consensus data standards and standard
forms. ACORD members include hundreds of insurance and reinsurance companies,
agents and brokers, software providers, and industry associations worldwide.
ACORD works with these organizations towards a goal of improved data
communication across diverse platforms through implementation of standards.
ACORD maintains offices in New York and London.
About XL Re
XL Re is the global brand used by XL Capital Ltd's reinsurance operations.
The XL Re companies have more than 350 employees in 11 countries. More
information about XL Re companies is available at http:///www.xlre.com.
Through its operating subsidiaries, XL Capital is a leading provider of global
insurance and reinsurance coverages to industrial, commercial and professional
service firms, insurance companies, and other enterprises on a worldwide
basis. More information about XL Capital Ltd is available at
www.xlcapital.com.
SOURCE XL Re

Christine Weirksy, Media Relations, +1-610-968-9395