Commenting on these changes, Mr. Lusardi said: "Jeff and Lynda have contributed to an important build-out phase of our XLW&E business and leave behind a talented team of weather and energy professionals. This business is now maturing nicely and XL's strategy continues to be focused on being the pre-eminent provider of customer-oriented risk management solutions in weather and energy. Jeff and Lynda wish to continue to apply their skills in new and emerging opportunities. They believe that it is appropriate, therefore, that they pursue their goals in a new environment and we thank them for their efforts."
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.