Reinsurance
Product Family

HAMILTON, BERMUDA - July 30, 2003 -- XL Capital Ltd ("XL" or "the Company") (NYSE: XL) announced that its Board of Directors today declared a quarterly dividend of $0.48 per share payable on the Company's Ordinary Shares. The dividend will be payable on September 30, 2003 to shareholders of record on September 8, 2003.The Board of Directors also resolved today to pay a dividend of $0.50 per share on September 30, 2003 to all Series A Preference Ordinary Shareholders of record as of September 29, 2003 and a dividend of $0.4765625 per share on September 30, 2003 to all the Series B Preference Ordinary Shareholders of record as of September 29, 2003.XL Capital Ltd, through its 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.