John S. Williams joins XLCA as a Managing Director in the Credit Risk Management Group, focusing on Public Finance

New York, New York - May 20, 2004

New York, May 20, 2004 – XL Capital Group Assurance Inc. (XLCA) announced today that John S. Williams has joined the company as a Managing Director in the Credit Risk Management group, focusing on U.S. Public Finance. In this newly created position, Mr. Williams reports to Drew Hoffman, XLCA Managing Director in charge of Structured Single Risk Credit.Mr. Williams has 18 years of experience in public finance. He joins XLCA from Radian Asset Assurance, where he was Senior Vice President, Public Finance Group. In that role, he managed the municipal underwriting team. Earlier, he was a Vice President at Crédit Local de France and an Associate at J.P. Morgan Securities. Mr. Williams began his public finance career at Moody’s Investors Service.Patrick Mathis, XLCA’s Chief Credit Officer, said, “XLCA continues to grow, and we are pleased with the market’s strong reception to our guarantee in the U.S. public finance market. We are delighted that John Williams has joined our Credit Risk Management Group to help us deliver the exceptional service our clients expect from XLCA.”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 business 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.