XL Insurance to Exit Sovereign Risk Venture

XL Insurance plans to withdraw from Sovereign Risk Insurance Ltd., leaving ACE Bermuda Insurance Ltd. as full owner of the joint Bermuda venture they started in 1997, it was announced Monday. ACE will assume full ownership on Feb. 1., under the current timetable. Sovereign Risk would write business solely for ACE, subject to receipt of Bermuda regulatory approval and agreement of definitive documentation, according to Sovereign. Sovereign's agency structure, underwriting team, limits and tenors will remain unchanged. Price Lowenstein, president and chief executive officer of Sovereign, ...