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XLCA GUARANTEES $500 MILLION FINANCING FOR AVIS RENT A CAR

New York, October 23, 2003 – XL Capital Assurance Inc. (XLCA) announced today that it has issued a triple-A rated financial guarantee in connection with a $500 million rental fleet securitization for Avis Rent A Car System, Inc. (Avis). This is XLCA’s second guarantee of an Avis financing this year.

Proceeds from the transaction, AESOP Funding II LLC, Series 2003-5, will fund the acquisition and financing of vehicles for Avis’s rental fleet operations in the United States. The transaction was privately placed under Rule 144A by joint leads Barclays Capital and Citigroup.

“The success of our previous financing led us to work again with XLCA, and we are very pleased with our relationship,” stated Duncan Cocroft, Executive Vice President and Treasurer of Cendant Corp.

“The two-tranche deal was well-received in a market with a lot of competing supply,” said Fouad Onbargi, Director, Asset Securitization at Barclays Capital. “We welcomed this opportunity to work again with XLCA on the AESOP program.”

Richard G. Pfaltzgraff, XLCA Managing Director and head of the Commercial Asset Securitization Group, said, “We look forward to doing more business with Avis and Cendant.” Shailesh S. Deshpande, a Director in XLCA’s Commercial Asset Securitization Group, said, “We value our growing relationship with Avis and Cendant.”

Avis is one of the largest car rental brands in the world, based on total revenue and number of rental locations; it is an indirect wholly owned subsidiary of Cendant Corporation.

XLCA Names Thomas F. Randazzo Head of Public Finance

New York, October 27, 2003 – XL Capital Assurance Inc. (XLCA) today named Thomas F. Randazzo Head of Public Finance, a newly created position.

Mr. Randazzo, who joined XLCA in 2002 as a Managing Director in XLCA’s Structured Single Risk group, has more than 12 years’ experience in the financial guarantee industry. Prior to XLCA, Mr. Randazzo was a First Vice President at Ambac Assurance Corporation, with responsibilities in Ambac’s domestic new business initiative in structured municipal finance. He was earlier an associate at Financial Guaranty Insurance Company (FGIC). Mr. Randazzo will continue to report to Wynne Morriss, Senior Managing Director and head of the Structured Single Risk group.

Mr. Morriss stated, “We are delighted that Tom, with his vast experience in our industry and his proven track record, will lead our public finance team.” Mr. Randazzo said, “We are gratified by the explosive growth of our public finance business, as issuers and investors have embraced XLCA’s triple-A capacity and expertise, and look forward to continuing to meet our public finance clients’ needs.“

CARLOS DE PARIAS Joins XLCA-UK
as Vice President, Global Infrastructure

Madrid, November 3, 2003 – XL Capital Assurance (U.K.) Limited (XLCA-UK) announced today that Carlos de Parias has joined the company as a Vice President in the Global Infrastructure group, a newly created position. Mr. De Parias will report to Alberto Ramos, Managing Director, Global Infrastructure of XLCA-UK, and will be based in Madrid, where XLCA-UK has a branch office.

Mr. de Parias joins XLCA from Deutsche Bank, where he was a Relationship Manager responsible for mid-capitalization corporates in the south of Spain. Before joining Deutsche Bank, Mr. de Parias spent six years at Santander Central Hispano, most recently as Vice President in the Project Finance Europe group, with a focus on infrastructure and public sector transactions.

Mr. Ramos said, “As XLCA-UK continues to grow in the European infrastructure market, we are fortunate to have Carlos, with his proven track record, join our team.”

XL CAPITAL LTD Appoints Paul S. Giordano as President of Financial Solutions Operations

Hamilton, Bermuda – February 16, 2004 - XL Capital Ltd (NYSE: XL) ("XL" or “the Company") announced today that Mr. Paul S. Giordano, Executive Vice President, General Counsel and Secretary of the Company, has been appointed President of Financial Solutions Operations with responsibility for XL Financial Solutions (“XLFS”). XLFS is an internal joint venture among the Company's Insurance, Reinsurance and Financial Products and Services segments which provides alternative risk transfer products through tailored solutions utilizing insurance and capital markets techniques.

Mr. Brian M. O'Hara, President and Chief Executive Officer of XL, said: "Paul Giordano is a valued member of XL's executive management team whose contributions and abilities go well beyond his legal role. Paul's broad understanding of XL's businesses and strong transactional background make him highly qualified for this new role. Our expanding financial solutions business will benefit from his managerial capability and strategic guidance."

Mr. Giordano stated: "I am delighted to have the opportunity to work with Daniel Sussman, Chief Executive Officer of XLFS, and his team of talented professionals. They have built an impressive foundation for XL’s financial solutions business, and I look forward to helping XLFS meet an even broader range of our client's customized risk transfer needs."

Mr. Giordano joined XL in 1997 as Senior Vice President and General Counsel. Prior to joining XL, he was in private legal practice in New York and London where he focused on general corporate law and financial transactions. Mr. Giordano is a 1990 graduate of Harvard Law School, a 1987 graduate of Oxford University where he was a Rhodes Scholar and a 1985 graduate of the University of Missouri.

Announced that Michael J. Linko joined the company today as a Director in the U.S. Public Finance group

New York, February 17, 2004 – XL Capital Assurance Inc. (XLCA) announced that Michael J. Linko joined the company today as a Director in the U.S. Public Finance group, a newly created position. He reports to Thomas Randazzo, XLCA Managing Director and head of the U.S. Public Finance group.

Mr. Linko has 12 years of public and project finance experience. He joins XLCA from Ambac Financial Group, where he was a First Vice President in the Public Finance Group, responsible for transactions in the eastern U.S., with a focus on non-traditional project and lease financings. He was earlier a Vice President at Lehman Brothers. Mr. Linko began his career at Merrill Lynch.

Mr. Randazzo said, “XLCA welcomes Mike to our team. Our U.S. public finance business continues to grow dramatically as issuers and investors welcome our capacity and expertise. We look forward to having Mike, with his broad experience and proven track record, help us to provide XLCA’s unmatched level of client service.”

XL Capital Assurance Inc. (XLCA) announced that Thomas M. Mulvihill has joined the company as a Director in the U.S. Public Finance group

New York, March 18, 2004 – Mr. Mulvihill reports to Thomas Randazzo, XLCA Managing Director and head of the U.S. Public Finance group, and is based in New York.

Mr. Mulvihill has 13 years of public finance experience in the financial guarantee industry. He joins XLCA from Ambac Assurance Corporation where he was a public finance underwriter. Prior to Ambac, he was an analyst in the Surveillance group at MBIA Insurance Corporation, with a focus on municipal utility credits.

Mr. Randazzo said, “We are very pleased that Tom has joined our team. XLCA’s U.S. public finance business continues to grow dramatically, as issuers and investors welcome our capacity and expertise. We look forward to having Tom, with his broad experience and proven track record, help us to provide XLCA’s unmatched level of client service.”

XL Capital Assurance Inc. announced that David C. Stevens, President of the Company, has also been named Chief Executive Officer.

New York, April 12, 2004 – Robert R. Lusardi, Chief Executive for XL Capital Ltd (“XL”)’s Financial Products and Services operations said: “Under David’s leadership, in just three years XLCA has been embraced by our clients for the diversification and capacity, analytical expertise, and superior service we offer. David has been instrumental in helping us to recruit an outstanding team and in successfully creating a franchise for XL, which has redefined how a financial guarantee insurer adds value to the financing process.”

Mr. Stevens is also Chief Executive Officer of XL Portfolio Advisors Inc., which provides investment selection and surveillance services.

Mr. Stevens joined the XL group in 1999 as Executive Vice President and Chief Underwriting Officer of its Bermuda-based financial guarantee unit. He moved to New York and was named President of XLCA in 2000.

Prior to joining XL, Mr. Stevens held senior management positions at MBIA Insurance Corporation, serving at various times on its senior management policy, executive credit, and credit policy committees. Earlier, he was at First Interstate Bank and Bank of America.

Mr. Stevens holds an MBA from Columbia University, an MAT from Duke University, and a BA from Stanford University.

New Managing Director in the Credit Risk Management group

New York, May 20, 2004 – XL Capital Assurance Inc. (XLCA) announced today that John S. Williams has joined the company as a Managing Director in the Credit Risk Management group, focusing on U.S. Public Finance. In this newly created position, Mr. Williams reports to Drew Hoffman, XLCA Managing Director in charge of Structured Single Risk Credit.

Mr. Williams has 18 years of experience in public finance. He joins XLCA from Radian Asset Assurance, where he was Senior Vice President, Public Finance Group. In that role, he managed the municipal underwriting team. Earlier, he was a Vice President at Crédit Local de France and an Associate at J.P. Morgan Securities. Mr. Williams began his public finance career at Moody’s Investors Service.

Patrick Mathis, XLCA’s Chief Credit Officer, said, “XLCA continues to grow, and we are pleased with the market’s strong reception to our guarantee in the U.S. public finance market. We are delighted that John Williams has joined our Credit Risk Management Group to help us deliver the exceptional service our clients expect from XLCA.”

Edward B. Hubbard has been named President of XLCA

New York, May 17, 2004 – XL Capital Assurance Inc. (“XLCA” or the “Company”), a member of the XL Capital Ltd (NYSE: XL) family (“XL”), announced that Edward B. Hubbard has been named President of XLCA, effective June 1, 2004. Mr. Hubbard replaces David C. Stevens, who resigned to pursue other personal interests.

Robert R. Lusardi, Chief Executive Officer of the Financial Products and Services segment of XL, which includes XL’s financial guaranty operations, said, “David joined XL five years ago to initiate our participation in the financial guarantee business, a market that, until XL, had not had a successful new entrant for more than a decade. David was instrumental in helping us establish our presence in the market and, over that time, in creating the world-class quality staff that we benefit from today. Now that he has successfully helped build XLCA, David has indicated that he looks forward to contemplating new challenges and directions to pursue in his life. On behalf of my colleagues on the Executive Management Board of XL, we would like to express our gratitude to David for his contributions.”

Mr. Lusardi also indicated, “I am pleased to announce, as part of an orderly succession plan, Ed Hubbard’s appointment as President and Chief Operating Officer. In addition to managing our financial activities, he has been responsible for our investor and client marketing efforts as well as a number of other functions. Ed will be maintaining XLCA’s current business strategies and our high standards of client service, credit culture and investor responsiveness.”

Mr. Hubbard, who is currently XLCA’s Chief Financial Officer and Chief Administrative Officer, joined the Company in 2000, and has 22 years of financial services experience, 14 in the financial guarantee industry. Before joining XLCA, he was a Managing Director at MBIA Insurance Corporation and earlier, Treasurer of Capital Markets Assurance Corporation (CapMAC), which merged with MBIA in 1998. Mr. Hubbard began his career at The Federal Reserve Bank of New York. He holds an MBA with distinction from The Wharton School and an AB, summa cum laude, from Brown University.

XL Capital Assurance Inc. (XLCA) announced that Linda S. Kobrin has joined the company as a Managing Director in the Asset-Backed Structured Finance group

New York, June 8, 2004 – XL Capital Assurance Inc. (XLCA) announced today that Linda S. Kobrin has joined the company as a Managing Director in the Asset-Backed Structured Finance group, focusing on mortgages. In this newly created position, Ms. Kobrin reports to Cassie Lau, an XLCA Senior Managing Director and co-head of the ABS group.

Ms. Kobrin has 15 years of financial services experience, 12 at Financial Security Assurance Inc., where she was Managing Director, Insured Portfolio Management, responsible for the performance of a $20 billion portfolio of more than 300, mainly non-prime mortgage-backed securities (MBS) transactions. Prior to FSA, she worked in the Public Finance Department of The First Boston Corporation.

Ms. Lau said, “XLCA is strategically committed to the mortgage sector and we are delighted that Linda Kobrin has joined us to help us expand our efforts in this market. Issuers, bankers, and investors alike look to XLCA for substantial capacity, expertise, and unequaled service, and with Linda’s help we look forward to continuing to meet our mortgage clients’ needs.”

XL Capital Ltd (NYSE:XL) (“XL”) today announced that Mr. Michael E. Rego and Mr. Frederick B. Hnat have been appointed to new positions within its Financial Products and Services Operations

Hamilton, Bermuda - July 19, 2004 – Mr. Rego has been named Executive Vice President and Chief Operating Officer of XL Financial Assurance Ltd. (XLFA), XL’s triple-A rated financial guaranty reinsurance company in Bermuda, replacing James P. McNichols, who was named Global Chief Actuary of XL in April 2004. Mr. Rego had been Chief Operating Officer of XL Capital Assurance (U.K.) Limited (XLCA-UK), the London-based subsidiary of XL Capital Assurance Inc. (XLCA), XL’s triple-A rated financial guaranty primary insurance company, since 2000. He joined XL in 1997 as a specialty financial lines underwriter and moved to the Structured Finance Group in 1998. Prior to XL, he worked at the Bank of Bermuda from 1982-1997.

Mr. Hnat, who replaces Mr. Rego, has been named Chief Operating Officer of XLCA-UK. His appointment is subject to approval by the Financial Services Authority in the U.K. Mr. Hnat, who had been XLCA’s General Counsel since joining the company in 2000, was previously an Assistant General Counsel at MBIA Insurance Corporation and earlier, an Associate at the New York law firms Rogers & Wells and Mudge Rose Guthrie Alexander & Ferdon.

Robert R. Lusardi, Chief Executive of XL’s Financial Products and Services Operations, said: “XL’s fundamental strength in people is epitomized by the orderly internal transitions at the head of XLFA and XLCA-UK. Both Michael and Fred have made significant contributions to XL’s financial guaranty business, which is an established triple-A franchise. Michael is a native Bermudian who moved to London four years ago, successfully established XLCA in London, and has now been promoted to Executive Vice President and Chief Operating Officer of XLFA. He is responsible for the day-to-day affairs of this triple-A rated business, and is moving back to Bermuda. Fred helped launch the successful start-up of XLCA. His experience is particularly valuable and relevant in the high-growth European marketplace, where significant structural changes, particularly regarding laws and market practices, are occurring. We look to Michael and Fred to take XLFA and XLCA-UK to the next level as the premier providers of financial guarantee reinsurance and triple-A credit enhancement in their respective markets.”

XL Capital Ltd (NYSE:XL) announced today a number of executive management changes. As part of a regular senior management review by the Company to ensure the appropriate professional development of XL's executive management team, the following changes will take effect November 1, 2004. Mr. Paul S. Giordano will be appointed Chief Executive Officer of the Company's Financial Products & Services (FP&S) business, one of XL's three core business segments. This follows Mr Giordano's appointment as President of XL Financial Solutions earlier this year and his active involvement as a Director of XL Capital Assurance Inc. and XL Financial Assurance Ltd. Mr. Giordano joined XL in 1997 as Senior Vice President, General Counsel and Corporate Secretary. Since 1999, Mr Giordano has served as an Executive Vice President of the Company and as a member of XL's Executive Management Board. He was formerly in private practice in New York and London where he focused on corporate law and financial institutions. XL's new General Counsel will be Charles F. Barr, who joined the Company in 2002 as General Counsel to X.L. America, Inc. Mr. Barr, who holds a JD as well as a CPCU insurance designation, was formerly General Counsel to General Re Corporation and Benfield Blanche. Concurrent with Mr Barr's appointment, Associate General Counsel Kirstin Gould will assume the role of Chief Corporate Legal Officer and Secretary of the Company in addition to her existing responsibilities. In addition, Mr. Robert R. Lusardi, Chief Executive Officer of XL's FP&S segment, will leave the company at the end of the year to pursue personal interests. He will work closely with Mr. Giordano until then to ensure an orderly transition and will provide continuing advisory services to XL, particularly in the area of strategic investments. Mr. Lusardi said: "I have enjoyed seven terrific years since I agreed to join XL. I have had the opportunity to be Chief Financial Officer of a dynamic organization, to be part of a large number of successful strategic initiatives and investments, and to help start and lead four businesses from the ground up. I believe that these businesses are in excellent shape and have reached the point where they will benefit from someone who has a different set of skills and background. I can't think of a better person for the role than Paul Giordano. I am looking forward to returning to my roots as a strategic, transaction-oriented executive, now with experience on both sides of the aisle." Commenting on the announcement, Mr. Brian M. O'Hara, President and Chief Executive Officer of XL, said: "The executive management changes we have announced today are intended to allow for a talented group of our senior management to build on their strengths and capabilities. Rob Lusardi has played an important part in XL's expansion and development, both as Chief Financial Officer of XL and, more recently, as Chief Executive Officer of FP&S. We will miss his keen intellect and negotiating skills, but look forward to calling on Rob in his advisory capacity. We are, however, very pleased that Paul Giordano has accepted his new role. Paul brings considerable experience from his financial services background to this important segment of our operations." He added: "I am immensely proud of our management bench strength, which continues as a key focus of our Board of Directors. This focus, along with professional development at all levels of our Company has allowed us to create a leadership pipeline capable of producing successor candidates of the caliber of Paul, Charley and Kirstin and I look forward to working with them in their new roles."