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David C. Stevens, XLCA President, also named Chief Executive Officer

 — New York, April 12, 2004 - XL Capital Group Assurance Inc. ("XLCA" or the "Company") announced that David C. Stevens, President of the Company, has also been named Chief Executive Officer.
Robert R. Lusardi, Chief Executive for XL Capital Ltd ("XL")'s Financial Products and Services operations said: "Under David's leadership, in just three years XLCA has been embraced by our clients for the diversification and capacity, analytical expertise, and superior service we offer. David has been instrumental in helping us to recruit an outstanding team and in successfully creating a franchise for XL, which has redefined how a financial guarantee insurer adds value to the financing process."
Mr. Stevens is also Chief Executive Officer of XL Portfolio Advisors Inc., which provides investment selection and surveillance services.
Mr. Stevens joined the XL Capital Group in 1999 as Executive Vice President and Chief Underwriting Officer of its Bermuda-based financial guarantee unit. He moved to New York and was named President of XLCA in 2000.
Prior to joining XL, Mr. Stevens held senior management positions at MBIA Insurance Corporation, serving at various times on its senior management policy, executive credit, and credit policy committees. Earlier, he was at First Interstate Bank and Bank of America.
Mr. Stevens holds an MBA from Columbia University, an MAT from Duke University, and a BA from Stanford University.
XLCA, rated triple-A by Moody's Investors Service, Standard & Poor's Ratings Services, and Fitch Ratings, specializes in commercial and consumer asset securitization; structured investment products; and structured single risk, which comprises U.S. public finance, power & utilities, global infrastructure, future flow securitization, deposit insurance, and whole loan securitization. XLCA is an indirect, wholly owned subsidiary of XL Capital Ltd., 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.