Mr. O’Hara commented: “I regret that last Thursday I was forced to sell approximately 80% of my XL shares. I had pledged those shares as collateral to secure a personal loan used to fund purchases of XL shares in order to avoid the expiration of certain options. The forced sale was due to the precipitous drop in XL’s share price last week. The sale in no way reflects a lack of confidence in XL’s current and future prospects.”
XL Capital Ltd, through its operating subsidiaries, is a leading provider of global insurance and reinsurance coverages to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis. More information about XL Capital Ltd is available at www.xlgroup.com.