XL Re CEO to participate in Merrill Lynch investment conference call

HAMILTON, BERMUDA - January 02, 2002

Hamilton, Bermuda (January 3, 2002) - Henry C.V. Keeling, Chief Executive of Reinsurance Operations for XL Capital Ltd (NYSE: XL) and President and Chief Executive Officer of XL Re Ltd, will today review pricing and market developments in the year-end 2001 reinsurance renewal season during an investment conference call organized by Merrill Lynch & Co.Mr. Keeling's remarks will be confined to the general state of the reinsurance markets and will not specifically address XL Re's operations. The area of focus for Mr Keeling's comments will particularly be in the Specialty lines of Marine, Aviation, Space and Energy.Mr. Keeling is expected to say that he believes these Specialty lines have benefited from significantly tightened underlying insurance pricing, capacity and terms. Overlaid on these the market has seen continued increases in reinsurance rates.XL Re is a 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. As at September 30, 2001, XL had consolidated assets of approximately $25.7 billion and consolidated shareholders' equity of approximately $4.8 billion. More information about XL is available at www.xlgroup.com.