XL Capital Ltd Issues Statement Regarding Media Coverage of Fitch Rating Agency's Downgrades of Security Capital Assurance Ltd a
March 27 2008 - 8:26AM
PR Newswire (US)
HAMILTON, Bermuda, March 27 /PRNewswire-FirstCall/ -- XL Capital
Ltd (NYSE:XL) (the "Company") announced today that, based on
erroneous press reports, it sought to clear up confusion in the
media regarding Fitch's March 26 downgrading of ratings on Security
Capital Assurance Ltd (NYSE:SCA) and its operating subsidiaries XL
Capital Assurance Inc. (XLCA), XL Capital Assurance (U.K.) Ltd.
(XLCA-UK), and XL Financial Assurance Ltd. (XLFA). XLCA, XLCA-UK,
and XLFA are not subsidiaries of XL. The Company noted that the
substantial majority of the structured finance collateralized debt
obligations (CDOs) referred to in the Fitch release were written by
XL Capital Assurance Inc. following SCA's IPO in August 2006. The
CDOs written subsequent to the IPO are not covered by XL's
guarantees to subsidiaries of SCA. As previously reported the
Company has reduced the reported value of its investment in SCA
from $117 million to zero. Pursuant to a transition agreement
entered into at the time of the IPO, SCA is permitted to use the
"XL" name until August 2008. XL owns approximately 46% of the
common equity interest of SCA. As Fitch's actions relate to SCA and
its operating subsidiaries, any questions regarding this matter
should be referred directly to SCA. Further information regarding
XL's relationship with SCA may be found in XL's Form 10-K (and
10-K/A) for the year ended December 31, 2007 on file with the
Securities and Exchange Commission as well as the Investor
Relations section of the Company's website located at
http://www.xlcapital.com/. XL Capital Ltd, through its operating
subsidiaries, is a leading provider of global insurance and
reinsurance coverages to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis. As of December 31, 2007, XL Capital Ltd had
consolidated assets of $57.8 billion and consolidated shareholders'
equity of $9.9 billion. More information about XL Capital Ltd is
available at http://www.xlcapital.com/. Contact: David Radulski
Carol A. Parker Trott Investor Relations Media Relations (441)
294-7460 (441) 294-7290 DATASOURCE: XL Capital Ltd CONTACT: David
Radulski, Investor Relations, +1-441-294-7460, or Carol A. Parker
Trott, Media Relations, +1-441-294-7290, both of XL Capital Ltd Web
site: http://www.xlcapital.com/
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