XL Capital Announces Impact of European Storm Losses

February 2, 2000

XL Capital Ltd. announced today that net operating earnings for the 4th quarter 1999 earnings will be reduced by $125 million, or $0.97 per share, after tax as a result of the impact of losses from two major windstorms which occurred in Europe in December 1999.

The losses occurred in three separate and formerly independent books of business, XL Mid Ocean Reinsurance Ltd, NAC Re International and at Le Mans Re, which is 49 percent owned by XL. The Company’s fourth quarter 1999 earnings, excluding the impact of the storm losses, would have been consistent with financial analysts’ earnings estimates for the fourth quarter.

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