XL Announces Global Reinsurance Management Changes

May 13, 2003

Bermuda’s XL Capital Ltd announced that Mr. John Hume will relinquish his role as Chief Financial & Administrative Officer of XL Re Ltd. “to focus entirely on his responsibilities as Chief Financial Officer of XL’s global reinsurance operations,” but will remain an Executive VP and Director of XL Re Ltd.

Bermuda’s XL Capital Ltd announced that Mr. John Hume will relinquish his role as Chief Financial & Administrative Officer of XL Re Ltd. “to focus entirely on his responsibilities as Chief Financial Officer of XL’s global reinsurance operations,” but will remain an Executive VP and Director of XL Re Ltd.

XL said that “Mr. James O’Shaughnessy, formerly of Centre Solutions in Bermuda, will take up the position of Chief Financial Officer for XL Re Ltd reporting directly to James Veghte, President and Chief Operating and Underwriting Officer of XL Re Ltd.” He served four and a half years with Centre Solutions as Controller and Vice President.

O’Shaughnessy, who began his career in 1986 as an Audit Senior for PricewaterhouseCoopers in Ireland, was an Assistant VP and Assistant Controller at Tempest Reinsurance eventually becoming the company’s VP-Finance. He also served as an Audit Senior for KPMG Peat Marwick in Bermuda and as assistant controller at GTE Reinsurance.

Hume stated: “James O’Shaughnessy will take over the day-to-day financial tasks for XL Re Ltd, allowing me to concentrate on the reinsurance segment issues. I would like to welcome James to the team and look forward to working closely with him.”

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