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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
November 27, 2001
Date of Report (Date of earliest event reported)
XL CAPITAL LTD
(Exact name of registrant as specified in its charter)
Cayman Islands 1-10809 98-0191089
(State or other jurisdiction of (Commission file number) (I.R.S. Employer
incorporation or organization) Identification No.)
XL House, One Bermudiana Road, Hamilton, Bermuda HM11
(Address of principal executive offices)
(441) 292-8515
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
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Item 5. Other events.
On November 27, 2001, XL Capital Ltd issued the press release attached as
Exhibit 99(a) and incorporated by reference herein.
Item 7. Financial Statements and Exhibits.
(c) Exhibits. The following exhibit is filed herewith:
Exhibit No. Description
99(a) Press Release ("XL Capital to realign its
Lloyd's operations") dated November 27, 2001.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: January 11, 2002
XL CAPITAL LTD
By: /s/ Jerry de St. Paer
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Name: Jerry de St. Paer
Title: Executive Vice President &
Chief Financial Officer
Exhibit 99(a)
XL Capital Ltd
XL House
One Bermudiana Road
Hamilton HM 11 Bermuda
Phone: (441) 292-8515
Fax: (441) 292-5280
NEWS RELEASE
IMMEDIATE
Contact: Gavin R. Arton Roger R. Scotton
Investor Relations Media Relations
441-294-7104 441-294-7165
XL CAPITAL TO REALIGN ITS LLOYD'S OPERATIONS
Hamilton, Bermuda (November 27, 2001) - XL Capital Ltd (NYSE: XL) ("XL")
announced today that it is realigning XL Brockbank Ltd ("XL Brockbank"), its
Lloyd's of London operation. With effect from January 1, 2002, XL will supply
100% of the capacity supporting two of XL Brockbank's Syndicates at Lloyd's:
Syndicate 1209, with capacity of (pound)360 million, and Syndicate 990, with
capacity of (pound)80 million. Syndicates 588 and 861, backed entirely by
third-party capital providers for the 2001 year of account, will cease to trade.
For 2002, Syndicate 1209 will focus on its core specialty Marine lines (Hull,
Cargo, Marine Liabilities and Energy), Specie, Bloodstock, War & Political
Risks, International Aviation and selected Non-Marine lines (Professional
Indemnity and Property Programs). Syndicate 990 will continue its long-term
strategy of maintaining a general Non-Marine account with an emphasis on
long-tail business.
Nick Metcalf, Chief Executive Officer of XL Brockbank, will remain Active
Underwriter of Syndicate 1209. James Weatherstone will be appointed Senior
Deputy Underwriter of Syndicate 1209. David Wright and Neil Robertson
(previously Deputy Underwriters of Syndicates 861 and 588 respectively) will be
appointed as Deputy Underwriters of Syndicate 1209. Peter Matson will remain the
Active Underwriter of Syndicate 990.
As part of this realignment, XL Brockbank will be renamed XL London Market Ltd.
The Syndicates will cease to participate in the Excess of Loss Treaty, Accident
& Health, and US Fortune 500 Property accounts. However, these lines will
continue to be offered through other insurance companies within the XL group. XL
remains firmly committed to providing the highest
quality of specialty line products and services to its clients and brokers, both
through its Lloyd's operations and other operating subsidiaries.
Nick Metcalf, Chief Executive Officer of XL Brockbank, and Active Underwriter of
Syndicate 1209, said: "We see the realignment as a positive development for our
Lloyd's operation. We believe that owning 100% of the capacity on the Syndicates
will give us greater opportunity to draw upon the capabilities within the XL
group, and to respond creatively to the needs of our clients and brokers. We
also believe that this realignment will improve our operating efficiencies."
Nicholas M. Brown, Jr., President and CEO of XL's Insurance Operations, said:
"We are pleased that we have fulfilled our long-held ambition of providing 100%
of the capacity on our Syndicates at Lloyd's. By focusing on core specialty
lines, we believe that Syndicates 1209 and 990 will be well positioned to
capitalize on the opportunities presented by today's dynamic market conditions."
XL Capital Ltd, 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. As at September 30, 2001, XL had consolidated
assets of approximately $25.7 billion and consolidated shareholders' equity of
approximately $4.8 billion. More information about XL, the coverages written by
its operating subsidiaries, and contact details, are available at
www.xlcapital.com.
This press release contains forward-looking statements. Such statements are
based on current plans, estimates and expectations. Accordingly, forward-looking
statements involve inherent risks and uncertainties, and a number of important
factors could cause actual results to differ materially from those contained in
any forward-looking statement. A non-exclusive list of the important factors
that could cause actual results to differ materially from those in such
forward-looking statements is set forth in XL's most recent report on Form 10-K
and XL's other documents on file with the Securities and Exchange Commission. XL
Capital undertakes no duty to update publicly or revise any forward-looking
statements contained herein in light of new information, future developments or
otherwise.