XL’s CFO to Step Down; S&P Sees no Affect on Ratings

XL Capital Ltd announced that the Company and its Chief Financial Officer, Brian Nocco, have agreed that he will leave XL effective after year end.

Nocco has served as XL’s CFO since July 2007. He has agreed to remain as CFO until year end to ensure a smooth transition. XL said it has begun a search for his successor.

President and CEO Mike McGavick thanked Nocco for his “many contributions at XL during the last two years.” He noted that he had been of great assistance in helping the Company to “navigate through the extraordinary challenges that XL has faced over the past year. We wish Brian well in his new endeavors.”

Standard & Poor’s Ratings Services issued a bulletin indicating that “its ratings on XL Capital Ltd. (NYSE:XL; BBB+/Negative/–) and XL’s core operating subsidiaries (A/Negative/–) are not affected by XL’s announcement that the company and its chief financial officer, Brian Nocco, have agreed that Mr. Nocco will leave XL effective after year end.”

Sources: XL Capital Ltd – www.xlcapital.com and Standard & Poor’s – www.standardand poors.com