XLMO’s Keeling Comments on Reinsurance Renewals

January 5, 2000

XL Mid Ocean Re’s CEO, Henry C.V. Keeling, speaking during an investment conference call organized by Merrill Lynch, said he believes that “excess of loss reinsurance pricing increased in line with the market’s expectations during the year-end 2000 renewal season.”

He said, however, that “there is still a significant way to go before prices return to the levels seen only three or four tears ago.” The higher prices reflect changing market conditions, and could increase further during the year “if capacity continues to shrink,” Keeling stated.

He noted that pricing in specialty lines, including marine, aviation, energy and space had seen rate increases that “had averaged approximately 15 to 40 percent depending on the line of business.”

Keeling will participate in a panel next week, sponsored by the Association of Insurance and Financial Analysts at the Grand Hyatt Hotel in New York, that will more fully discuss the state of the market for p/c reinsurance pricing.

A webcast is planned for the event at approximately 12:30 p.m. EST on Tuesday January 9. It may be accessed through the XL web site at : http://www.xlcapital.com.

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