that it has acquired for an undisclosed purchase price, a minority interest in OneCapital
Management Partners, LLC ("OneCapital"), a newly-established, diversified, alternative investment management company, based in New York City. OneCapital, whose principals include Reid Bernstein and Jon P. Hedley, was formed to develop, market, distribute and manage multi-advisor and single-advisor investment funds and related structured products. Among OneCapital's sponsored investment products will be a hedge fund of funds.
Christopher Greetham, Chief Investment Officer and Executive Vice President of XL, said: "Our
investment in OneCapital is part of our commitment to forming business relationships with
talented professionals in areas of strategic importance to XL and part of our continuing focus on enhancing risk-adjusted returns. OneCapital is building a strong business to provide marketing,
distribution, business development and client service to alternative investment managers and
their investors. It will also offer significant investment management expertise to investors in its own products."
Sarah E. Street, Chief Executive Officer of XL Capital Investment Partners Inc., said: "We
believe that the principals of OneCapital have unique insights into the growing importance of institutional-quality marketing, distribution, business development and client service.
OneCapital will provide such institutional-quality expertise and service, both for its own
sponsored products and for a select group of alternative investment management companies that
want to expand and diversify their client base. We look forward to working closely with
OneCapital as they build their business. We believe the breadth and depth of experience of its
principals will provide XL with invaluable expertise and insights and will create numerous
growth opportunities in the creation, distribution and management of alternative investments and structured products." 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 December 31, 2001, XL had consolidated assets of approximately $28.0 billion and consolidated shareholders'
equity of approximately $5.4 billion. More information about XL is available at
www.xlcapital.com.