XL Capital Acquires Argonaut Group’s Risk Management Business

August 29, 2005

XL America Inc. (“XL America”), the holding company for XL Capital Ltd’s U.S. operations, announced that it has entered into an agreement with the San Antonio, Texas-based Argonaut Group to acquire the renewal rights to a substantial portion of Argonaut Insurance Company’s Risk Management book of business in the U.S.

Terms of the transaction were not disclosed.

XL America will offer quotes to selected Argonaut clients beginning immediately. In addition, to assure a smooth transition during the renewal process, XL America will offer continued access to the specialized claims management and loss control services provided by Argonaut Claims Services Ltd.

XL America Executive Vice President Dennis Kane said: “The addition of these quality customers fits well with XL America’s growth strategy in the U.S. casualty market. Through our technical underwriting expertise, market knowledge and customer service, XL has become a key global provider to large businesses and institutional customers offering a full range of casualty coverages, from primary to excess.”

Argonaut Group President and Chief Executive Officer, Mark E. Watson III stated, “In XL America, we have found an excellent company to provide our risk management customers with the financial strength, experience and large account expertise they need along with the professional and customized service they expect.”

Joseph Harris, XL America’s chief casualty underwriter for U.S. Risk Management, will lead the transition initiative. Harris will work with various members of the existing XL America team across the U.S. as well as key members of the Argonaut team who will be joining XL America.

“In addition to expanding our U.S. risk management business, the integration of Argonaut’s casualty customers presents us with the opportunity to expand XL America’s underwriting and customer service capabilities particularly on the West Coast,” Kane said, noting XL America’s commitment to providing brokers and their customers with local access to XL’s global capabilities.

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