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Element Re to receive Connecticut Business Award

Stamford, CT - June 19, 2002 - Element Re Capital Products Inc., an XL Capital Group company and a provider of weather risk management products ("Element Re"), has been named a recipient of the Connecticut Quality Improvement Award ("CQIA") Gold Innovation Prize. Element Re was selected from over 110 applicants in Connecticut for its development of insurance and derivative products for companies to protect against financial loss caused by non-catastrophic weather.
"Element Re's development of non-catastrophic weather risk management products and their success in providing them made them a natural recipient of this award," said Sheila Carmine, founder and executive director of the Connecticut Quality Improvement Award Partnership.
"One of the reasons we decided to set up shop in Connecticut, in addition to it being a great place to live, was because of the business environment here, which encourages enterprise and innovation," said Lynda Clemmons, President and Chief Operating Officer of Element Re. "It's very fulfilling to be recognized by our peers in the community."
Element Re's prize will be awarded at the CQIA Partnership's 15th Annual Conference on Quality and Innovation, to be held October 17 at the Southbury Hilton Hotel. The keynote speaker for the conference will be David Neeleman, CEO of JetBlue.
About Element Re
Element Re is a provider of innovative risk management products that allow businesses to mitigate their non-catastrophic weather risk. For more information, call (203) 356-3580 or visit www.elementre.com.
Element Re is an indirect subsidiary of XL Capital Ltd (NYSE: XL), which, 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 March 31, 2002, XL Capital Ltd had consolidated assets of approximately $30.6 billion and consolidated shareholders' equity of approximately $5.4 billion. More information about XL Capital Ltd is available at www.xlgroup.com.
About the Connecticut Quality Improvement Award Partnership
The not-for-profit CQIA Partnership is a growing group of active business people, educators, health care executives and government officials concerned with improving the economic vitality of Connecticut by using three levels of CQIA awards - CQIA Innovation Prize, CT Breakthrough Quality Award and CT Leadership Award - that prepare organizations to become the first winner from Connecticut of the prestigious Malcolm Baldrige National Quality Award for Performance Excellence. For more information, contact Sheila Carmine at p: (203) 322-9534 or go to the CQIA website at www.ctqualityaward.org.
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 the weather risk management business may not develop to the extent anticipated. The Company undertakes no duty to update publicly any forward-looking statements contained herein in light of new information or future developments.

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