Michael P. Esposito Jr., chief officer for corporate compliance, control, and administration at Chase Manhattan Corp., has been elected chairman of Excel Ltd. in Hamilton, Bermuda.

He announced in March that he would retire from Chase June 30.

At Excel he will replace Michael J. Kevany, who has retired as chairman but remains a director.

Mr. Esposito has been a director of Excel and its subsidiaries, X.L. Insurance Co. Ltd. and X.L. Investment Ltd., since their formation in 1986. He belongs to Excel's compensation committee and is chairman of the nominating and corporate governance committee.

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