Founded in 1986 as EXEL Limited, XL Capital Ltd has grown through several mergers and acquisitions into a leading global provider of insurance, reinsurance and financial risk solutions to enterprises and insurance companies. The Bermuda-based company's insurance products provide customized coverage for corporate risks and are divided into two categories: risk management products (global property and casualty programs for large multi-national corporations) and specialty lines products (a wide variety of liability products, including professional, workers' comp, environmental, and property coverage for marine, aviation and satellite equipment). Much of the company's casualty business is written on an umbrella or high-layer excess-of-loss basis, meaning the company's liability attaches after large deductibles, including self-insurance or insurance from sources other than the company. The excess nature of many of the company's insurance products coupled with historically large policy limits creates a sizeable book of business that can be classified as low frequency and high severity. For 3Q07, of the $1.4 million in net written premiums (NWP), general insurance, reinsurance and life operations generated 59.1%, 31.6%, and 9.34%, respectively. XL Capital operates its businesses through 77 offices in 28 countries.