XL Capital Appoints David P. Shea as for Financial Products and Services Segment

March 28, 2003

Bermuda’s XL Capital Ltd. announced that David P. Shea has taken up the post of Chief Financial & Administrative Officer of the Company’s Financial Products and Services business segment.

Shea is the former Chief Financial Officer and Treasurer at General Electric’s New York-based Financial Guaranty Insurance Company (FGIC), and will oversee a broad range of responsibilities for the Financial Products and Services segment, including financial and administrative operations, financial reporting and analysis and participation in strategic planning.

He joined XL after 17 years at GE where he also served as Sr. VP of GE Real Estate’s Global E-Business Group, CFO of GE Real Estate’s Capital Markets Group, Manager of Financial Operations for NBC and Vice President at Kidder Peabody. Before joining GE in 1986, he worked at Salomon Brothers, Inc. and Goldman Sachs.

Robert R. Lusardi, Chief Executive of XL Financial, stated: “We are very pleased to have David join our team. His depth of knowledge and experience in a variety of financial services will be of great help to XL as the size and scope of our specialized financial activities continue to increase. XL has business units operating in several distinct financial markets, including AAA- rated financial guarantee insurance and reinsurance as well as institutional life, investment management, and weather and energy risk management protection. We wanted to hire an individual who had a financial background in this diverse, and relatively unique, set of businesses. At the start of this process I thought this would be a very tall order to fill. We are fortunate to have found that individual and I look forward to working closely with David.”

Shea commented, “I am excited about joining XL. The 17 years I’ve spent with GE have prepared me for this opportunity. Also, I share Rob’s and XL’s vision of creating new streams of earnings for XL in a measured fashion. I see terrific potential for a company such as XL in these growing markets.”

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