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HAMILTON, Bermuda (January 4, 2002) - XL Capital Ltd ("XL") (NYSE: XL) announced today that it currently plans to sell up to $500 million of senior notes due 2012 through XL Capital Group Finance (Europe) plc, a wholly owned subsidiary of XL. The senior notes will be sold pursuant to XL's currently effective shelf registration statement. The underwriters for XL's senior notes offering are Salomon Smith Barney and JP Morgan, as joint book runners, Banc of America Securities LLC, Barclays Capital and Credit Lyonnais Securities.The net proceeds from the sale of senior notes will be used to repay XL's outstanding five-year revolving credit facilities and for general corporate purposes, which may include share repurchases and acquisitions.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 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 press release does not constitute an offer to sell or the solicitation of an offer to buy any of the senior notes or any other securities, nor will there be any sale of the senior notes or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.This press release may contain forward-looking statements which involve inherent risks and uncertainties. Statements that are not historical facts, including statements about XL's beliefs, plans or expectations, are forward-looking statements. These statements are based on current plans, estimates and expectations. Actual results may differ materially from those projected in such forward-looking statements and therefore you should not place undue reliance on them. 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 Forms 10-K and 10-Q and XL's other documents on file with the Securities and Exchange Commission. XL undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.