Rich Banas to Succeed William Kronenberg III at XL Environmental

June 25, 2002

XL Capital Ltd announced that Rich Banas will become the new CEO of XL Environmental and XL Programs, succeeding William Kronenberg III, who is taking early retirement from the Company to pursue personal interests.

Banas is the current Executive VP and Chief Underwriting Officer of XL’s Insurance Operations. He joined the company 2001, after serving as a Managing Director of One Beacon and, previously, Sr. VP of Insurance Operations at CGU.

President and CEO Brian M. O’Hara, stated that, “Bill Kronenberg is an extremely talented individual who had the vision and skill to build a world class franchise that has become very valuable to XL. I extend my heartfelt congratulations to Bill for his accomplishments.”

“His departure is a loss for the Company, but I wish him well in his new endeavors,” he continued. “I also congratulate Rich Banas on his new role. We will surely benefit from Rich’s vast knowledge and experience and we are enthusiastic about the prospects for continued success at XL Environmental and XL Programs with Rich at the helm and with the continued contributions of the very capable management and staff at XL Environmental and XL Programs.”

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