Hamilton, Bermuda, February 17, 1999 - EXEL Limited ("EXEL") (NYSE-XL) announced today that its shareholders have overwhelmingly voted in favor of changing its name to "XL Capital Ltd". More than 99 percent of the shareholders voting at a general meeting of the Company held today supported the proposal to change the name. The company will formally introduce its new name and revised logo on February 15, 1999.
"We are pleased with the level of shareholder support for our new name," stated Brian M. O'Hara, president and Chief Executive Officer of EXEL Limited. "We believe it reflects the focus and purpose of our holding company to create and provide financial and intellectual capital for our operating subsidiaries."
EXEL Limited, through its wholly-owned subsidiaries and divisions, including X.L. Insurance Company Ltd., X.L. Mid Ocean Reinsuranace Company, Ltd., XL Capital products, and The Brockbank Group plc, provides insurance and reinsurance coverages and financial products worldwide. As of November 30, 1998, EXEL Limited had assets of $10.1 billion and shareholders' equity of $4.8 billion.