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XL Capital Ltd Expects Third-Quarter 2008 Book Value to Range from $21.00 to $22.50 Per Ordinary Share

Saturday, October 11, 2008 General News J E 4
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HAMILTON, Bermuda, Oct. 10 XL Capital Ltd("XL" or the "Company") (NYSE: XL) provided the following preliminary metricson its expected third quarter 2008 results. The results for the quarter arecurrently being reviewed by the Company's independent auditors and accordinglythe estimates below are subject to change.

-- Book value, as of September 30, 2008, is expected to be in the range of$21.00 to $22.50 per ordinary share on a fully diluted basis. On that date,the Company's total common share count was approximately 330.8 million.

-- The Company estimates that during the third quarter of 2008, thedecline in value of its investment portfolio (comprised of changes inunrealized losses, other than temporary impairments and realized losses onsecurities sales) due to movements in market prices was in a range of $1.0billion to $1.2 billion.

-- XL's estimated book value per ordinary share as of September 30, 2008(as estimated above) was also negatively impacted, although to a lesserextent, by the strengthening of the US Dollar versus other leading currenciesduring the period.

XL also announced that it intends to hold a conference call to discussthis announcement and the quarter's preliminary results at 8:30 a.m. EasternTime on Tuesday, October 14, 2008.

Chief Executive Officer, Michael S. McGavick commented: "We are determinedto provide investors with the information they need to assess the value ofXL's shares. I believe that the preliminary estimates we have provided todaywill assist in these efforts. The next time that we expect to be able toprovide further meaningful financial information is early next week and I lookforward to doing so on our call on Tuesday."

The conference call on October 14, 2008 can be accessed through alisten-only dial-in number or through a live webcast. To listen to theconference call, please dial (877) 422-4657 or (706) 679-0474, Conference ID#67852140. The webcast will be available at the Company's website located atwww.xlcapital.com and will be archived there from approximately 11:30 a.m.Eastern Time on October 14, 2008, through midnight Eastern Time on November14, 2008. A telephone replay of the conference call will also be availablebeginning at 11:30 a.m. Eastern Time on October 14, 2008, until midnightEastern Time on November 4, 2008, by dialing (800) 642-1687 or (706) 645-9291,Conference ID# 67852140.

XL Capital Ltd, through its operating subsidiaries, is a leading providerof global insurance and reinsurance coverages to industrial, commercial andprofessional service firms, insurance companies and other enterprises on aworldwide basis. More information about XL Capital Ltd is available atwww.xlcapital.com.

This press release contains forward-looking statements. Such statementsinvolve inherent risks and uncertainties. Statements that are not historicalfacts, including statements about XL's beliefs or expectations, areforward-looking statements. These statements are based on current plans,estimates and expectations. Actual results may differ materially from thoseprojected in such forward-looking statements and therefore you should notplace undue reliance on them. A non-exclusive list of the important factorsthat could cause actual events or results to differ materially from those insuch forward-looking statements include the preliminary nature of thefinancial estimates set forth above and the other important factors set forthin XL's most recent annual report on Form 10-K, quarterly report on Form 10-Qand XL's other documents on file with the Securities and Exchange Commission.XL undertakes no obligation to update or revise publicly any forward-lookingstatement, whether as a result of new information, future developments orotherwise.

SOURCE XL Capital Ltd
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