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HAMILTON, BERMUDA – October 31, 2008 – XL Capital Ltd (“XL” or the “Company”) (NYSE: XL) announced today that its Board of Directors declared a quarterly dividend on October 31, 2008 of $0.19 per Ordinary Share payable on the Company’s Ordinary Shares. The dividend will be payable on December 30, 2008 to Ordinary Shareholders of record as of December 9, 2008.In addition, the Board of Directors resolved on October 31, 2008, to pay a dividend of $0.6822 per share on the Company’s Series C Perpetual Non-Cumulative Preference Shares. The dividend will be paid on January 15, 2009, to all shareholders of record as of January 14, 2009, and covers the period from August 4, 2008, the date the shares were issued, to January 15, 2009. The aggregate amount of the dividends payable on the Series C Preference Ordinary Shares is $13,644,750.XL Capital Ltd, through its operating subsidiaries, is a leading provider of global insurance and reinsurance coverages to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis.