XLCA-UK Guarantees Second Road Infrastructure Project In Spain; (Euro)167,100,000 Triple-A Guarantee For Vinedos

Madrid, Spain - November 04, 2004

Madrid, Spain, November 4, 2004 - XL Capital Group Assurance (U.K.) Limited (XLCA-UK) announced today that it has issued its second triple-A rated guarantee for a road infrastructure project in Spain. XLCA's guarantee covers a (Euro)64.1 million bond issue and a European Investment Bank ("EIB") loan totaling (Euro)103 million for concessionaire Autovía los Viñedos, S.A. for the design, construction, operation, and maintenance of the 74.5 km shadow toll road to be built between the cities of Consuegra and Tomellosa in Central Spain. This follows the closing of Autovía del Camino in June, which was the first triple-A guaranteed road infrastructure project in Spain, with XLCA providing a (Euro)175 million guarantee on an EIB loan.Alberto Ramos, XLCA-UK Managing Director and head of Global Infrastructure, said, "XLCA-UK was pleased to have been chosen by Viñedos and the EIB for this project, our second triple-A rated guarantee for a road infrastructure project in Spain. We look forward to building a long-term relationship with Viñedos' owner, Acciona, to deepening our relationship with the EIB, and to helping other concessionaires in Spain meet their financing needs."XLCA-UK, licensed by the Financial Services Authority, is a wholly owned subsidiary of XL Capital Group Assurance Inc. (XLCA). XLCA, rated triple-A by Moody's Investors Service, Standard & Poor's Ratings Services, and Fitch Ratings, is a full-service monoline financial guaranty company focusing on global infrastructure, power & utilities, U.S. public finance, consumer and commercial asset securitization, and structured investment products. XLCA is an indirect, wholly owned subsidiary of XL Capital Ltd (NYSE: XL), which, 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.THIS PRESS RELEASE IS NOT AN OFFER FOR SALE IN THE UNITED STATES. SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933.