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XL Capital Ltd Appoints Broker And Client Relations Executives In Insurance Operations

 — HAMILTON, BERMUDA, September 25, 2003 -- XL Capital Ltd (NYSE:XL) ("XL") today announced the appointments in its insurance operations of Don Baker, Hans Gmuender and Dennis Nishikawa to new executive broker and client relations positions. The new positions will increase the focus of XL's insurance operations on its distribution sources and on broker and customer issues.
Don Baker will serve as Managing Director of Broker and Client Relations for insurance operations in Bermuda, in addition to his recently announced appointment as Executive Vice President of XL Insurance (Bermuda) Limited. Mr. Baker has 20 years of experience in the Bermuda insurance market, and joined XL from the Bermuda branch of Zurich Insurance Company, where he has been CEO since 2000. Mr. Baker is based in XL's world headquarters in Hamilton, Bermuda and can be reached at
Hans Gmuender will serve as Managing Director of Broker and Client Relations for insurance operations in Europe, Asia and South America, in addition to his current role as Deputy CEO of XL's commercial large account insurance business, known as XL Insurance Global Risk. Mr. Gmuender began his career with Winterthur Insurance in 1966, and has been employed by XL since its acquisition of Winterthur International in 2001. Mr. Gmuender is based in XL's insurance offices in Winterthur, Switzerland, and, as of November in Zurich, Switzerland. He can be reached at
Dennis Nishikawa will serve as Managing Director of Broker and Client Relations for insurance operations in North America, in addition to his current role as Director of North American Sales and Marketing for XL Insurance Global Risk. Mr. Nishikawa joined XL in 2000, after more than 30 years in numerous positions at St. Paul Fire and Marine and The Aetna. Mr. Nishikawa is based in XL's insurance offices in Los Angeles, California and can be reached at
Nicholas M. Brown, Jr., CEO of XL's insurance operations, commented on these appointments: "XL Insurance has been pleased with the success of its product- based organizational structure. The establishment of these new positions, which will cross insurance business and product lines, will further leverage our product structure as well as our geographic expertise, facilitating continued profitable growth and expansion into new markets. Don, Hans and Dennis are all well known and highly regarded insurance professionals in their respective regions, and their broad marketing perspectives, deep relationships and significant knowledge about the insurance industry should be of great benefit to all of our business units."
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 June 30, 2003, XL Capital Ltd had consolidated assets of approximately $39.2 billion and consolidated shareholders' equity of approximately $7.6 billion. More information about XL Capital Ltd is available at
This press release may contain forward-looking statements. Such statements are based on current plans, estimates and expectations. Accordingly, forward-looking statements involve inherent risks and uncertainties, and a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. A non-exclusive list of the 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 reports on Form 10-K, Form 10-Q and XL's other documents on file with the Securities and Exchange Commission. XL undertakes no duty to publicly update or revise any forward- looking statements contained herein in light of new information, future developments or otherwise