XL Capital Ltd Issues Statement Regarding Media Coverage of Merrill Lynch Lawsuit against XL Capital Assurance Inc. (XLCA) a Sub
March 20 2008 - 6:12PM
PR Newswire (US)
HAMILTON, Bermuda, March 20 /PRNewswire-FirstCall/ -- 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 http://www.xlcapital.com/. DATASOURCE: XL Capital Ltd
CONTACT: David Radulski, Investor Relations, +1-441-294-7460, or
Carol A. Parker Trott, Media Relations, +1-441-294-7290, both of XL
Capital Ltd Web site: http://www.xlcapital.com/
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