XL Capital Ltd To Announce Outcome Of Loss Reserve Review

HAMILTON, BERMUDA - January 12, 2004

Hamilton, Bermuda (January 12, 2004): -- XL Capital Ltd (NYSE: XL) ("XL") expects to announce publicly the outcome of its review of loss reserves after the close of trading on January 13, 2004.The release of this information will be followed by a webcast conference call starting at 9:00 a.m. EST on Wednesday, January 14, 2004. The live online webcast of this call will be available at www.xlgroup.com and a transcript will be archived on XL's website from approximately 1:00 p.m. EST on January 14, 2004 through midnight EST on February 13, 2004. A telephone replay of the conference call will be available beginning at 1:00 p.m. EST on January 14, 2004 until 8:00 p.m., EST, on January 21, 2004 by dialing (201) 612 7415 (account number: 7716 and conference I.D. number: 89172).XL Capital Ltd, through its operating subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products and services to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. As of September 30, 2003, XL Capital Ltd had consolidated assets of approximately $39.6 billion and consolidated shareholders' equity of approximately $7.4 billion. More information about XL Capital Ltd is available at www.xlgroup.com.