Thomas M. Mulvihill Joins XLCA as a Director in the U.S. Public Finance Group

New York, New York - March 18, 2004

New York, March 18, 2004 - XL Capital Group Assurance Inc. (XLCA) announced today that Thomas M. Mulvihill has joined the company as a Director in the U.S. Public Finance group, a newly created position. Mr. Mulvihill reports to Thomas Randazzo, XLCA Managing Director and head of the U.S. Public Finance group, and is based in New York.Mr. Mulvihill has 13 years of public finance experience in the financial guarantee industry. He joins XLCA from Ambac Assurance Corporation where he was a public finance underwriter. Prior to Ambac, he was an analyst in the Surveillance group at MBIA Insurance Corporation, with a focus on municipal utility credits.Mr. Randazzo said, "We are very pleased that Tom has joined our team. XLCA's U.S. public finance business continues to grow dramatically, as issuers and investors welcome our capacity and expertise. We look forward to having Tom, with his broad experience and proven track record, help us to provide XLCA's unmatched level of client service."XLCA, rated triple-A by Moody's Investors Service, Standard & Poor's Ratings Services, and Fitch Ratings, specializes in U.S. public finance; commercial and consumer asset securitization; structured investment products; and structured risk, which comprises power & utilities, global infrastructure, future flow securitization, deposit insurance, and whole loan securitization. XLCA is an indirect, wholly owned subsidiary of XL Capital Ltd (NYSE: XL), 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.