Among other purposes, Rule 10b5-1 programs are intended to facilitate investment accumulation and diversification through orderly purchases and sales of securities over time and to permit insiders to dispose of securities to meet tax obligations or other predetermined expenses at times when transactions in XL securities are otherwise prohibited. Brian M. O’Hara, President and Chief Executive Officer of XL, has adopted a Rule 10b5-1 plan pursuant to which up to 76,000 XL shares could be sold at various prices over the next 12 months. Mr. O’Hara is effecting such sales in order to satisfy certain tax obligations and other personal financial planning needs. XL anticipates that some of its directors, officers and employees also may adopt Rule 10b5-1 plans in the future.
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, 2002, XL had consolidated assets of approximately $34.1 billion and consolidated shareholders' equity of approximately $5.9 billion. More information about XL is available at www.xlgroup.com.
This press release contains forward-looking statements which involve inherent risks and uncertainties. Statements that are not historical facts, including statements about XL’s beliefs, plans or expectations, are forward-looking statements. These statements are based on current plans, estimates and expectations. Actual results may differ materially from those projected in such forward-looking statements and therefore you should not place undue reliance on them. 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 annual report on Form 10-K, quarterly report on Form 10-Q and XL’s other documents on file with the Securities and Exchange Commission. XL undertakes no obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future developments or otherwise.