HAMILTON, BERMUDA October 28, 1999 -- XL Capital Ltd (NYSE: XL, BSX: XL.BH) ("XL Capital") stated today that it is reviewing its options following the announcement by Capital Re Corporation (NYSE: KRE) that it had signed an amended merger agreement with ACE Limited (NYSE: ACL, BSX: ACL.BH). XL Capital noted it will use the same evaluation criteria as with other acquisition opportunities: there must be a strategic fit and the expected financial results must be attractive to the Company's shareholders.
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.