New duo at helm as XL moves to single location.

(From Lloyds List)

Byline: James Brewer

A NEW top duo at XL London Market which manages GBP500m ($917.2m) of syndicate capacity is to drive ahead with a strategy aimed at channelling extra marine and other business into the group's Lloyd's operation.

Changes in emphasis will be most noticeably reflected in XL's business plan for 2005, to be tabled with Lloyd's later in the year. Analysts at this stage expect the group's proposed 2005 capacity figure will be broadly unchanged, but the weighting of lines may differ.

Part of the giant XL Capital group, XL London Market. has named Dermot O'Donohoe chief executive, and Paul Drake active underwriter of syndicate 1209. Both posts were previously held by Nick Metcalf, who left the group in May.

Splitting the responsibilities marks a new chapter following the company's consolidation of a series of businesses it acquired in the past few years, by signalling better use of its network to enhance support for the Lloyd's business.

Mr O'Donohoe is to complete the task of bringing nearly 500 staff from five London locations into a unified management structure, and into one new City premises at 70 Gracechurch Street, where XL is leasing six of the seven storeys (the ground floor is a branch of retailer Marks and Spencer's). All divisions will be together by the end of June 2004.