X.L. AMERICA LAUNCHES NEW UNIT

X.L. America Inc. is consolidating the management of its U.S. specialty insurance programs under one newly formed business unit, XL Programs. XL Programs will partner with insurance program administrators to offer specialized insurance coverages to distinct market segments. Leveraging the program business in Greenwich Insurance Company, XL Programs now manages total insurance premiums in excess of $200 million. These programs provide specialty property and casualty, warranty, workers’ compensation, and intellectual property coverages to various industries, including habitational real estate, auto and construction. William Kronenberg III will oversee the unit as CEO, and Rick Callahan will serve as president. The company’s current Specialty Workers’ Compensation unit will also be incorporated within the XL Programs. X.L. America Inc. is part of XL Capital Ltd., which through its wholly owned subsidiaries provides insurance and reinsurance coverages and financial products worldwide. As of June 30, 2001, XL had consolidated assets of approximately $18.7 billion and consolidated shareholders’ equity of approximately $5.7 billion.