Element Re Changes Name to XL Weather & Energy

January 17, 2003

Element Re Capital Products Inc., an XL Capital company and provider of weather and energy risk management products, is changing its name to XL Financial, Weather & Energy Inc (“XL Weather & Energy”).

President and COO of XL Weather & Energy, Lynda Clemmons, noted, “This name change is a natural progression for us as we evolve our business model. In addition to our core offering of customized weather insurance and derivative risk management solutions, we have also begun providing contingent risk management products to the utility and energy industries. The new name reflects these offerings and more closely aligns us with the financial strength and technical expertise of XL Capital.

“Our leadership position in the market, coupled with XL’s financial strength, will further enhance our ability to help businesses in a wide range of industries to identify and manage their weather and contingent energy risks.”

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