In addition, the Board increased the quarterly dividend payable by $0.01 per share to $0.45 per share, payable on March 2, 2000 to holders of record on February 15, 2000.
Brian M. O'Hara, President and Chief Executive Officer of XL Capital Ltd, stated: "Although we are pleased to be able to increase the dividend paid to shareholders at this time, XL intends in the future to emphasize share repurchases rather than significant dividend increases to return capital to its shareholders."
XL Capital Ltd, through its wholly-owned subsidiaries, including XL Insurance Ltd, XL Mid Ocean Reinsurance Ltd, XL Capital Products Ltd, The Brockbank Group plc and NAC Re Corp., provides insurance and reinsurance coverages and financial products worldwide. As of September 30, 1999, XL Capital Ltd had consolidated assets of approximately $14.1 billion and shareholders' equity of approximately $5.4 billion. Additional information is available on the XL Capital Ltd web site: www.xl-capital.com.
This press release may contain forward-looking statements which involve inherent risks and uncertainties. Statements that are not historical facts, including statements about our beliefs, plans or expectations, are forward-looking statements. These statements are based on current plans, estimates and expectations. Actual results may differ materially from those projected in such forward-looking statements, and therefore you should not place undue reliance on them. For example, the Company's share repurchase authorization may be rescinded at any time and it's dividend policy is subject to change in light of changes in business and financial conditions. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.