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XL Capital Ltd Appoints Paul S. Giordano As President Of Financial Solutions Operations

 — Hamilton, Bermuda - February 9, 2004 - XL Capital Ltd (NYSE: XL) ("XL" or "the Company") announced today that Mr. Paul S. Giordano, Executive Vice President, General Counsel and Secretary of the Company, has been appointed President of Financial Solutions Operations with responsibility for XL Financial Solutions ("XLFS"). XLFS is an internal joint venture among the Company's Insurance, Reinsurance and Financial Products and Services segments which provides alternative risk transfer products through tailored solutions utilizing insurance and capital markets techniques.
Mr. Brian M. O'Hara, President and Chief Executive Officer of XL, said: "Paul Giordano is a valued member of XL's executive management team whose contributions and abilities go well beyond his legal role. Paul's broad understanding of XL's businesses and strong transactional background make him highly qualified for this new role. Our expanding financial solutions business will benefit from his managerial capability and strategic guidance."
Mr. Giordano stated: "I am delighted to have the opportunity to work with Daniel Sussman, Chief Executive Officer of XLFS, and his team of talented professionals. They have built an impressive foundation for XL's financial solutions business, and I look forward to helping XLFS meet an even broader range of our client's customized risk transfer needs."
Mr. Giordano joined XL in 1997 as Senior Vice President and General Counsel. Prior to joining XL, he was in private legal practice in New York and London where he focused on general corporate law and financial transactions. Mr. Giordano is a 1990 graduate of Harvard Law School, a 1987 graduate of Oxford University where he was a Rhodes Scholar and a 1985 graduate of the University of Missouri.
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