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XL Capital Ltd Announces Management Changes Within Its Global Reinsurance Operations

Hamilton, Bermuda - January 22, 2004 - XL Capital Ltd (NYSE:XL) ("XL" or the "Company") today announced a series of senior management appointments in its Reinsurance Operations.
Mr. James Veghte, currently President, Chief Operating Officer and Chief Underwriting Officer of XL Re Ltd and President of XL Re Latin America ("XLReLA"), has been appointed to the new position of Chief Executive Officer of XL Re America ("XLRA"). Mr. Veghte has been with the Company approximately 10 years, serving as General Manager of XL Re Ltd's London branch and General Manager of XL Re Europe (formerly known as Le Mans RĂ©). Mr. Veghte will be based in XLRA's office in Stamford, Connecticut.
Mr. Greg Hendrick, currently Chief Property Underwriter for XL Re Ltd's Bermuda operations, will take over as President and Chief Underwriting Officer of XL Re Ltd and has been appointed to the Reinsurance Executive Group, the executive management board of XL Re. Having been with XL Re Ltd for 9 years, Mr. Hendrick was recently appointed Chief Property Underwriter for XL Re's Bermuda operations and previously ran its U.S. Division, specializing in Property Catastrophe business. His appointment is subject to the receipt of necessary regulatory approval in Bermuda.
Mr. Stephen Outerbridge has been appointed President of XLReLA. In addition, he will serve as Chief Operating Officer for XLReLA while continuing in his current role as Chief Underwriting Officer. Mr. Outerbridge has been with XL Re's Bermuda operations for 10 years.
Mr. David Watson, General Manager of XL Re Ltd's London branch, has been appointed to the Reinsurance Executive Group. He has been with XL Re for 10 years.
All four reinsurance executives will report directly to Mr. Henry C.V. Keeling, Chief Executive of Reinsurance Operations.
Mr. Keeling said: "I am pleased to welcome Jamie, Greg, Stephen and David to their new roles. After studying ways in which we could manage the future impact of cycle change in our industry, we concluded that it would be necessary to make management changes within the reinsurance segment. I am confident that we have the management team that will help us to meet business challenges while making sure that our Reinsurance Operations remain aligned with the changing culture of the XL Capital Group of companies."
Mr. Brian M. O'Hara, President and Chief Executive of XL, said: "I would like to congratulate Jamie, Greg, Stephen and David on their appointments. Their experience and skills will ensure the continued development of XL Re, which contributes significantly to the overall business strategy of the XL Capital Group of companies."
XL Re is the global brand used for XL's reinsurance operations. The XL Re companies have over 500 employees in 14 countries. More information about the XL Re companies is available at www.xlre.com.
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 of September 30, 2003, XL Capital Ltd had consolidated assets of approximately $39.6 billion and consolidated shareholders' equity of approximately $7.4 billion. More information about XL Capital Ltd is available at www.xlgroup.com.

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