Reinsurance
Product Family

HAMILTON, BERMUDA - July 27, 2005 - XL Capital Ltd ("XL" or the "Company") (NYSE: XL) announced today that its Board of Directors declared a quarterly dividend on July 27, 2005 of $0.50 per Ordinary Share payable on the Company's Ordinary Shares. The dividend will be payable on September 30, 2005 to ordinary shareholders of record on September 8, 2005.The Board of Directors also resolved on July 27, 2005 to pay a dividend of $0.50 per share on September 30, 2005 to all Series A Preference Ordinary Shareholders of record as of September 29, 2005. The aggregate amount of the dividends payable on the Series A Preference Ordinary Shares is $4,600,000.00.The Board of Directors further resolved on July 27, 2005 to pay a dividend of $0.4765625 on September 30, 2005 to all Series B Preference Ordinary Shareholders of record as of September 29, 2005. The aggregate amount of the dividends payable on the Series B Preference Ordinary Shares is $5,480,468.75.XL Capital Ltd, through its operating 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. As of June 30, 2005, XL Capital Ltd had consolidated assets of approximately $53.3 billion and consolidated shareholders' equity of approximately $8.4 billion. More information about XL Capital Ltd is available at www.xlgroup.com.