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XL Capital makes strategic investment in Stanfield Capital Partners

Hamilton, Bermuda (January 14, 2002) - XL Capital Ltd (NYSE: XL) ("XL") announced today that it has acquired a minority interest in Stanfield Capital Partners LLC, an investment management company based in New York, New York, specializing in collateralized debt obligations and other credit-based products. XL has also acquired a direct minority interest in Stanfield Global Strategies (formerly, Ceres Capital), an investment management firm majority-owned by Stanfield that manages a $3 billion investment grade securities conduit.
Brian M. O'Hara, President and Chief Executive Officer of XL, said: "XL is committed to forming strategic relationships with leading investment management organizations who, we believe, will generate superior investment performance for their investors and long-term equity value for their shareholders. Stanfield has built an impressive organization over the past few years, and we are excited to be working with them as they move their business to the next level."
Rob Lusardi, XL's Executive Vice President and Chief Executive Officer of Financial Services and Products, said: "We have known and worked with Stanfield for some time now. Their strategy to grow and diversify their investment management franchise across the spectrum of credit-based products is very complementary to a number of strategic initiatives within XL. A recent $450 million structured CDO transaction is an excellent example of how we expect to work together with Stanfield. In addition to XL Capital Group being a significant investor in the Stanfield-managed structure, our AAA-rated financial guarantee subsidiary, XL Capital Group Assurance, wrapped the senior debt obligations of the vehicle. Our positive experiences together to date, coupled with Stanfield's track record, led us to enthusiastically consider taking a direct equity stake in Stanfield."
Sarah E. Street, Chief Executive Officer of XL subsidiary, XL Capital Group Investment Partners, Inc., said: "We believe the breadth and depth of Stanfield's experience in the credit markets will create numerous growth opportunities for their firm and will provide XL with invaluable expertise and insights. We look forward to working closely with Stanfield and its principals on new product launches, as they build upon their core expertise with the goal of creating a superior specialty asset management firm."
XL will receive two seats on the management committee of Stanfield and one seat on Stanfield Global's management committee.
Stanfield Capital Partners LLC was founded in 1998. Its principals include: Dan Baldwin, Chief Investment Officer and Managing Partner, former head of high yield investments for Chancellor LGT Asset Management; Steve Alfieri, Managing Partner, former senior bank loan portfolio manager for Chancellor Senior Secured Management; Chris Jansen, Managing Partner, former senior bank loan portfolio manager for Chancellor Senior Secured Management and Kevin Murphy, Managing Director, formerly a director at Gleacher NatWest.
XL Capital Ltd, through its operating subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. As at September 30, 2001, XL had consolidated assets of approximately $25.7 billion and consolidated shareholders' equity of approximately $4.8 billion. More information about XL is available at www.xlgroup.com.
This press release contains forward-looking statements. Such statements are based on current plans, estimates and expectations. Accordingly, forward-looking statements involve inherent risks and uncertainties, and a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement, including, without limitation, that potential synergies between XL Capital Group's insurance, reinsurance, and financial products and services businesses and the investment in Stanfield Capital Partners may not develop to the extent anticipated and that investment returns may be less than expected due to a variety of economic factors. A non-exclusive list of other important factors that could cause actual results to differ materially from those in such forward-looking statements is set forth in XL's most recent report on Form 10-K and XL's other documents on file with the Securities and Exchange Commission. XL Capital Group undertakes no duty to publicly update or revise any forward-looking statements contained herein in light of new information, future developments or otherwise.

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