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XLCA Completes $400 Million Financing For Onyx Acceptance Corporation

 — New York, August 13, 2003 - XL Capital Group Assurance Inc. (XLCA) announced today that it has issued a triple-A rated financial guarantee in connection with a $400 million securitization of automobile finance contracts for Onyx Acceptance Corporation - XLCA's second guarantee of an Onyx term financing this year. Credit Suisse First Boston was the lead manager.
Onyx purchases, securitizes, and services near-prime automobile finance contracts originated by auto dealerships across the United States. The company, formed in 1993, is listed on the NASDAQ.
John Hall, President and Chief Executive Officer of Onyx, said, "This transaction was well-received by investors. We continue to be pleased with our relationship with XLCA."
Deborah Murnin, a Director at XLCA and head of the Auto ABS Group, said, "The market reception was once again strong for XLCA-insured Onyx bonds. We are gratified that Onyx chose XLCA to diversify its sources of triple-A rated credit enhancement, and look forward to a long-term relationship with the company."
XLCA, rated triple-A by Moody's Investors Service, Standard & Poor's Ratings Services and Fitch Ratings, is a New York-domiciled financial guarantee insurer that specializes in commercial and consumer asset securitization, structured investment products, power & utilities, global infrastructure, future flow securitization, U.S. public finance, and bank deposit insurance.
XLCA is an indirect, wholly owned 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.