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New York, New York, July 22, 2002 - XL Capital Group Assurance Inc. (XLCA), rated AAA by Moody's Investors Service, Standard & Poor's Ratings Services, and Fitch Ratings, today announced that it has received its financial guarantee license from the State of California and opened an office in Walnut Creek. The Walnut Creek office is headed by Neil Pack, Managing Director for West Coast Public Finance."XLCA continues to expand - and has virtually completed - its licensing platform," said David Stevens, President of XLCA. "With the California license, we will be able to provide AAA rated credit enhancement to issuers and investors in that state who are seeking a new name of the highest quality, as well as substantial capacity."XL Capital Group Assurance Inc., rated AAA by Moody's Investors Service, Standard & Poor's Ratings Services and Fitch Ratings, is a New York-domiciled financial guarantee insurer that specializes in corporate and consumer asset securitization, structured funds, essential infrastructure project finance, future flow securitization and U.S. public finance. At March 31, 2002, XLCA had statutory assets of approximately $128.6 million, liabilities of approximately $22.3 million and surplus as regards policyholders of approximately $106.3 million.XLCA is a subsidiary of XL Capital Ltd (NYSE: XL) which, through its principal 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. At March 31, 2002, XL Capital Ltd had consolidated assets of approximately $30.7 billion and consolidated shareholders' equity of approximately $5.5 billion.This press release may contain 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. XLCA does not undertake any duty to update publicly any forward-looking statements contained herein in light of new information or future developments.