XL Capital Completes $500 Mil Capital Markets Transaction

July 14, 2003

XL Capital Ltd announced that it has entered into a capital markets transaction to increase its capital resources and capacity to provide reinsurance financial statement credit to its U.S. property and casualty insurance operations. Through the transaction, XL obtained an unconditional right to put up to $500 million of its preference ordinary shares to a high quality asset-backed trust for a period of up to 30 years. The securities issued by the trust were rated “A-” by Standard and Poor’s Ratings Group and “A3” by Moody’s Investor Services, Inc. The transaction was privately placed.

XL Capital Ltd announced that it has entered into a capital markets transaction to increase its capital resources and capacity to provide reinsurance financial statement credit to its U.S. property and casualty insurance operations. Through the transaction, XL obtained an unconditional right to put up to $500 million of its preference ordinary shares to a high quality asset-backed trust for a period of up to 30 years. The securities issued by the trust were rated “A-” by Standard and Poor’s Ratings Group and “A3” by Moody’s Investor Services, Inc. The transaction was privately placed.

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