XL Affirms Le Mans Re Acquisition, Plans Capital Increase

October 31, 2001

XL Capital Ltd reaffirmed its previously announced plan to acquire a 67 percent controlling interest in France’s Le Mans Re from its partner Les Mutuelles du Mans Assurances Group (MMA), and announced that the two would increase its share capital by Fr. Frs. 400 million ($54.9 million) in proportion to their current 51/49 percent capital holdings before December 31.

XL’s Chief of Reinsurance Operations and President and CEO of XL Re Ltd., Henry C.V. Keeling, said in the announcement that, “We are delighted to reaffirm our intention to increase our involvement with Le Mans Re and to help provide it with new capital. Given the current uncertainty in the business world at this time, we hope this initiative serves to underline just how importantly we view our continued strategic commitment to Le Mans Re, its clients, producers and employees.”

Keeling and MMA CEO Jean-Claude Seys both stressed that while Le Mans Re had minimal exposure to the Sept. 11 attacks they were looking to the future of the reinsurance industry, and wanted to position the company to profit from growth opportunities expected in 2002, particularly in Continental Europe..

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