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XL Capital Increases Cash Offer For Capital Re Corp.

22 22 1999

HAMILTON, BERMUDA October 19, 1999 -- XL Capital Ltd ("XL Capital") (NYSE: XL, BSX: XL.BH) announced that it increased its offer to acquire Capital Re Corporation ("Capital Re") (NYSE: KRE) to $14 per share in cash in a one-step merger transaction. By its terms, XL Capital's offer is irrevocable and will remain open until the earlier of (a) Capital Re's decision to enter into a revised agreement with ACE Limited ("ACE") or any other person or to close the existing agreement with ACE, as amended or modified, or (b) Wednesday, October 27, 1999 at 5.00 p.m. New York time. XL Capital also stated that all other terms of its previous offer remained the same.

Through its subsidiaries, XL Capital provides insurance and reinsurance coverages and financial products worldwide. As of June 18, 1999, XL Capital had consolidated assets of approximately $14.1 billion and consolidated shareholders' equity of approximately $5.6 billion. Additional information is available on the XL Capital web site at www.xl-capital.com.