XL Capital Speaks at Bermuda Angle Conference and Remarks on Third-Quarter Results
HAMILTON, BERMUDA - October 08, 2002
HAMILTON, Bermuda, Oct 14, 2002 - XL Capital Ltd (NYSE: XL) ("XL" or the "Company") today led off the Bermuda Angle Conference at the Fairmount Southampton Princess Hotel in Bermuda. At the conference, President and Chief Executive Officer, Mr. Brian M. O'Hara, noted in regard to the third quarter of 2002 that XL estimates its net losses from the European floods to be approximately $50 million. Relatively good property catastrophe experience in the quarter offset these flood claims.Mr. O'Hara also noted, however, that the terrible investment markets impacted XL's insurance and investment affiliates resulting in a slight negative variance in operating earnings when compared to analysts' consensus estimates.The conference is being simultaneously webcast at http://www.bermudaangle.com. A replay of the conference will be available at the Bermuda Angle website until October 31, 2002. It may also be accessed through the XL website at http://www.xlgroup.com where it will be archived for 30 days following the conference.The Company currently plans to release its third quarter earnings results after the market closes on Wednesday, October 30, 2002 and hold a conference call and webcast on Thursday, October 31st 2002 at 10:00 a.m. Eastern Time. This webcast will be accessible via XL's website at http://www.xlgroup.com.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 of June 30, 2002, XL Capital Ltd had consolidated assets of approximately $31.2 billion and consolidated shareholders' equity of approximately $5.4 billion. More information about XL Capital Ltd is available at http://www.xlgroup.com.This press release contains forward-looking statements which involve inherent risks and uncertainties. Statements that are not historical facts, including statements about XL's beliefs, plans or expectations, are forward-looking statements. These statements are based on current plans, estimates and expectations. Actual results may differ materially from those projected in such forward-looking statements and therefore you should not place undue reliance on them. In particular, the financial forecasts, estimates and projections contained herein are unaudited, based on a preliminary review of financial, accounting and other data relating to the third quarter of 2002 and are subject to completion of the review of XL's third quarter 2002 results by its independent auditors. A non-exclusive list of other 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 annual report on Form 10-K, Form 10-Q and XL's other documents on file with the Securities and Exchange Commission. XL undertakes no obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future developments or otherwise.
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