XL Estimates European Flood Losses at $50 Million, Investment Downturn to Affect Earnings

October 15, 2002

XL Capital Ltd. led off the Bermuda Angle Conference at the Fairmount Southampton Princess Hotel in Bermuda with the announcement that the company’s 3rd quarter earnings would be hit by an estimated net loss from the European floods of approximately $50 million.

President and CEO Brian M. O’Hara noted, however, that relatively good loss experience elsewhere during the period would offset the flood claims. He indicated, however, that the “terrible investment markets” would have an impact on XL’s insurance and investment affiliates resulting in a slight negative variance in operating earnings when compared to analysts’ consensus estimates.

The Company currently plans to release its third quarter earnings results after the market closes on Wednesday, October 30, 2002 and will hold a conference call and webcast on Thursday, October 31st 2002 at 10:00 a.m. Eastern Time which will be accessible via XL’s website at http://www.xlcapital.com.

The company’s presentation at the Bermuda Angle conference can also be obtained on the Web site for the next 30 days.

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