S&P Raises Latin American Re Ratings to AA

August 29, 2001

Standard & Poor’s announced that it had raised the counterparty credit and financial strength ratings on Latin American Reinsurance Co.,Ltd. (LARe) to double-‘A’ from single -‘A’-minus and removed them from CreditWatch, where they were place on January 24, 2001, with positive implications.

The move reflects LARe’s position as a wholly owned subsidiary of Bermuda’s XL Insurance Ltd. which is turn controlled by XL Capital. The company acts as a platform for XL Re Ltd. and supports the XL Group’s global expansion efforts, particularly in Latin America.

S&P indicated that it expected that “LARe’s limited client and product overlap with XL Re Ltd. and its affiliates – as well as its access to emerging markets – will provide strong growth and cross-selling opportunities in the Latin American reinsurance and financial sectors.

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