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XL Capital Not Exposed To Enron Funding Corp.
An insurance policy supporting the Enron Funding Corp. program was written by Winterthur International Insurance Company Ltd., a U.K. insurer acquired by XL from Winterthur Swiss Insurance Company in July 2001. However, this policy was not assumed by XL as part of the acquisition and is the subject of indemnification and reinsurance protection from Winterthur Swiss Insurance Company and one of its subsidiaries.
XL stated separately that it has completed its review of financial guaranty, weather risk trading and investment exposures to Enron and believes it has only minimal exposures in these areas. XL is continuing to monitor potential exposures to Enron from its property and casualty insurance and reinsurance businesses.
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 is available at www.xlcapital.com.