XL to Repurchase $1 Billion in Shares

Bermuda’s XL Capital Ltd announced that its Board of Directors has approved a new share repurchase program, authorizing the Company to buy back up to $1 billion of its Class A ordinary shares.

XL said it “expects the purchases to be made from time to time in the open market or in privately negotiated transactions, and that such repurchases will be funded from cash and/or the proceeds from the issuance of securities.

“The timing and amount of the share repurchases under the program will depend on a variety of factors, including market conditions, legal requirements and other factors. The repurchase program may be modified, extended or terminated by the Board at any time.

“The new repurchase program includes the unused dollars ($135.4 million) allocated to the share repurchase program authorized by the Board in January of 2000.”