Product Family
Hamilton, Bermuda (April 15, 2002) - XL Capital Ltd (NYSE: XL) ("XL") announced today that it has acquired for an undisclosed purchase price, a minority interest in OneCapital Management Partners, LLC ("OneCapital"), a newly- established, diversified, alternative investment management company, based in New York City. OneCapital, whose principals include Reid Bernstein and Jon P. Hedley, was formed to develop, market, distribute and manage multi-advisor and single-advisor investment funds and related structured products. Among OneCapital's sponsored investment products will be a hedge fund of funds.Christopher Greetham, Chief Investment Officer and Executive Vice President of XL, said: "Our investment in OneCapital is part of our commitment to forming business relationships with talented professionals in areas of strategic importance to XL and part of our continuing focus on enhancing risk-adjusted returns. OneCapital is building a strong business to provide marketing, distribution, business development and client service to alternative investment managers and their investors. It will also offer significant investment management expertise to investors in its own products."Sarah E. Street, Chief Executive Officer of XL Capital Group Investment Partners Inc., said: "We believe that the principals of OneCapital have unique insights into the growing importance of institutional-quality marketing, distribution, business development and client service. OneCapital will provide such institutional-quality expertise and service, both for its own sponsored products and for a select group of alternative investment management companies that want to expand and diversify their client base. We look forward to working closely with OneCapital as they build their business. We believe the breadth and depth of experience of its principals will provide XL with invaluable expertise and insights and will create numerous growth opportunities in the creation, distribution and management of alternative investments and structured products."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 December 31, 2001, XL had consolidated assets of approximately $28 billion and consolidated shareholders' equity of approximately $5.4 billion. More information about XL is available at press release contains forward-looking statements. Such statements are based on current plans, estimates and expectations. Accordingly, forward-looking statements involve inherent risks and uncertainties, and a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement, including, without limitation, that potential synergies between XL Capital Group's insurance, reinsurance, and financial products and services businesses and the investment in OneCapital Management Partners, LLC, may not develop to the extent anticipated and that investment returns may be less than expected due to a variety of important factors. 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 report on Form 10-K and XL's other documents on file with the Securities and Exchange Commission. XL Capital Group undertakes no duty to publicly update or revise any forward-looking statements contained herein in light of new information, future developments or otherwise.