Reinsurance
Product Family

Hamilton, Bermuda - February 3, 2004 -- XL Capital Ltd ("XL" or "the Company") (NYSE: XL) announced that its Board of Directors declared a quarterly dividend on January 30, 2004 of $0.49 per ordinary share payable on the Company's Ordinary Shares. The dividend will be payable on March 31, 2004 to ordinary shareholders of record on March 8, 2004. The quarterly dividend declared in November, 2003 for the third quarter of 2003 amounted to $0.48 per ordinary share.The Board of Directors also resolved on January 30, 2004 to pay a dividend of $4,600,000.00 on March 31, 2004 to all Series A Preference Ordinary Shareholders of record as of March 30, 2004 being $0.50 per share.The Board of Directors further resolved on January 30, 2004 to pay a dividend of $5,480,468.75 on March 31, 2004 to all Series B Preference Ordinary Shareholders of record as of March 30, 2004, being $0.4765625 per share.XL Capital Ltd, through its 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.