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XL Capital Ltd Issues Statement Regarding Media Coverage Of Merrill Lynch Lawsuit
HAMILTON, BERMUDA: March 20, 2008 - XL Capital Ltd (NYSE: XL) ("the Company") announced today that, based on numerous erroneous press reports, it sought to clear up confusion in the media regarding the lawsuit filed by Merrill Lynch International against Security Capital Assurance Ltd's (NYSE: SCA) subsidiary, XL Capital Assurance Inc. (XLCA), relating to certain credit default swap transactions entered into by trusts and insured by XLCA following SCA's IPO in August 2006.
XL Capital Ltd is not a party to such lawsuit. XLCA is not a subsidiary of XL. 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 the above dispute is between Merrill Lynch International and XLCA, any queries regarding the lawsuit should be referred directly to the parties to such lawsuit.
Further information regarding XL's relationship with SCA may be found in XL's Form 10-K (and 10-KA) for the year ended December 31, 2007 on file with the Securities Exchange Commission.
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 www.xlcapital.com.