High Praise for Robert Clements as He Retires from XL’s Board

April 9, 2002

Bermuda’s XL Capital Ltd announced that Robert Clements, one of the company’s founding directors, and currently the Chairman of Arch Capital Group Ltd., has retired from its Board.

The announcement summarized Clements’ illustrious career, noting that he had been a director of XL since its formation in 1986, and a longtime Senior Executive of several Marsh & McLennan Companies, where he served as a director from 1981 to 1997 and as president from 1992 to 1994.

Michael P. Esposito Jr., Chairman of XL, stated that “Bob Clements is appropriately acknowledged as the genius behind the formation of ACE and XL. We have been privileged to have his significant talents contributing to the XL Board for the last sixteen years. We will miss his creativity, his wise counsel and his unwavering loyalty both to the XL Board and our company.”

Brian M. O’Hara, XL’s President and CEO added similar praise, stating that “It is only fitting at this time, as Bob dedicates his remarkable talents to Arch Capital, that we reflect on and acknowledge his contributions to XL’s genesis and development. Sixteen years ago, Bob’s vision for the new Bermuda companies, ACE and XL, was for them to take their place among the vanguard of the world insurance industry. Today, with his guidance, expertise and commitment, this vision has become a reality.”

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